ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of Incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class: | Trading symbol(s): | Name of each exchange on which registered: | ||||||
☑ | Accelerated filer | ☐ | |||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||||||||
Emerging growth company |
Nicolas Amaya | 47 |
Amit Banati | 52 |
Steven A. Cahillane | 55 |
Kurt D. Forche | 51 |
Alistair D. Hirst | 61 |
Christopher M. Hood | 58 |
Melissa A. Howell | 54 |
Shumit Kapoor | 50 |
David Lawlor | 53 |
Monica H. McGurk | 50 |
Gary H. Pilnick | 56 |
(millions, except per share data) | ||||||||||||||||||||||||||
Period | (a) Total Number of Shares Purchased | (b) Average Price Paid Per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
Month #1: 9/27/20-10/24/20 | — | $ | — | — | $ | 1,500 | ||||||||||||||||||||
Month #2: 10/25/20-11/21/20 | — | $ | — | — | $ | 1,500 | ||||||||||||||||||||
Month #3: 11/22/20-1/2/21 | — | $ | — | — | $ | 1,500 |
(millions, except per share data and number of employees) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
Operating trends | ||||||||||||||||||||||||||||||||
Net sales | $ | 13,770 | $ | 13,578 | $ | 13,547 | $ | 12,854 | $ | 12,965 | ||||||||||||||||||||||
Gross profit as a % of net sales | 34.3 | % | 32.3 | % | 34.9 | % | 36.6 | % | 37.3 | % | ||||||||||||||||||||||
Depreciation | 452 | 457 | 493 | 469 | 510 | |||||||||||||||||||||||||||
Amortization | 27 | 27 | 23 | 12 | 7 | |||||||||||||||||||||||||||
Advertising expense | 781 | 676 | 752 | 732 | 736 | |||||||||||||||||||||||||||
Research and development expense (a) | 135 | 144 | 154 | 148 | 182 | |||||||||||||||||||||||||||
Operating profit | 1,761 | 1,401 | $ | 1,706 | 1,387 | 1,483 | ||||||||||||||||||||||||||
Operating profit as a % of net sales | 12.8 | % | 10.3 | % | 12.6 | % | 10.8 | % | 11.4 | % | ||||||||||||||||||||||
Interest expense | 281 | 284 | 287 | 256 | 406 | |||||||||||||||||||||||||||
Net income attributable to Kellogg Company | 1,251 | 960 | 1,336 | 1,254 | 699 | |||||||||||||||||||||||||||
Average shares outstanding: | ||||||||||||||||||||||||||||||||
Basic | 343 | 341 | 347 | 348 | 350 | |||||||||||||||||||||||||||
Diluted | 345 | 343 | 348 | 350 | 354 | |||||||||||||||||||||||||||
Per share amounts: | ||||||||||||||||||||||||||||||||
Basic | 3.65 | 2.81 | 3.85 | 3.61 | 1.99 | |||||||||||||||||||||||||||
Diluted | 3.63 | 2.80 | 3.83 | 3.58 | 1.97 | |||||||||||||||||||||||||||
Cash flow trends | ||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1,986 | $ | 1,176 | $ | 1,536 | $ | 403 | $ | 1,271 | ||||||||||||||||||||||
Capital expenditures | 505 | 586 | $ | 578 | 501 | 507 | ||||||||||||||||||||||||||
Net cash provided by (used in) operating activities reduced by capital expenditures (b) | 1,481 | 590 | 958 | (98) | 764 | |||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (585) | 774 | (948) | 149 | (392) | |||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (1,388) | (1,905) | (566) | (604) | (786) | |||||||||||||||||||||||||||
Interest coverage ratio (c) | 8.3 | 7.2 | 8.1 | 9.4 | 4.6 | |||||||||||||||||||||||||||
Capital structure trends | ||||||||||||||||||||||||||||||||
Total assets | $ | 17,996 | $ | 17,564 | $ | 17,780 | $ | 16,351 | $ | 15,111 | ||||||||||||||||||||||
Property, net | 3,713 | 3,612 | 3,731 | 3,716 | 3,569 | |||||||||||||||||||||||||||
Short-term debt and current maturities of long-term debt | 729 | 727 | 686 | 779 | 1,069 | |||||||||||||||||||||||||||
Long-term debt | 6,746 | 7,195 | 8,207 | 7,836 | 6,698 | |||||||||||||||||||||||||||
Total Kellogg Company equity | 3,112 | 2,747 | 2,601 | 2,178 | 1,891 | |||||||||||||||||||||||||||
Share price trends | ||||||||||||||||||||||||||||||||
Stock price range | $53-71 | $52-69 | $56-75 | $59-76 | $70-87 | |||||||||||||||||||||||||||
Cash dividends per common share | 2.28 | 2.26 | 2.20 | 2.12 | 2.04 | |||||||||||||||||||||||||||
Number of employees | 31,000 | 31,000 | 34,000 | 33,000 | 37,000 |
Consolidated results (dollars in millions, except per share data) | 2020 | 2019 | ||||||||||||
Reported net income attributable to Kellogg Company | $ | 1,251 | $ | 960 | ||||||||||
Mark-to-market (pre-tax) | (162) | (104) | ||||||||||||
Project K (pre-tax) | — | (54) | ||||||||||||
Brexit impacts (pre-tax) | — | (9) | ||||||||||||
Business and portfolio realignment (pre-tax) | (38) | (156) | ||||||||||||
Multi-employer pension plan withdrawal (pre-tax) | 5 | (132) | ||||||||||||
Gain (loss) on divestiture (pre-tax) | (8) | 55 | ||||||||||||
Income tax impact applicable to adjustments, net* | 45 | 50 | ||||||||||||
U.S. Tax Reform | 32 | — | ||||||||||||
Out-of-period adjustment | — | (39) | ||||||||||||
Adjusted net income attributable to Kellogg Company | $ | 1,377 | $ | 1,349 | ||||||||||
Foreign currency impact | (13) | |||||||||||||
Currency-neutral adjusted net income attributable to Kellogg Company | 1,390 | $ | 1,349 | |||||||||||
Reported diluted EPS | $ | 3.63 | $ | 2.80 | ||||||||||
Mark-to-market (pre-tax) | (0.47) | (0.30) | ||||||||||||
Project K (pre-tax) | — | (0.15) | ||||||||||||
Brexit impacts (pre-tax) | — | (0.02) | ||||||||||||
Business and portfolio realignment (pre-tax) | (0.11) | (0.46) | ||||||||||||
Multi-employer pension plan withdrawal (pre-tax) | 0.01 | (0.39) | ||||||||||||
Gain (loss) on divestiture (pre-tax) | (0.02) | 0.16 | ||||||||||||
Income tax impact applicable to adjustments, net* | 0.13 | 0.14 | ||||||||||||
U.S. Tax Reform | 0.10 | — | ||||||||||||
Out-of-period adjustment | — | (0.12) | ||||||||||||
Adjusted diluted EPS | $ | 3.99 | $ | 3.94 | ||||||||||
Foreign currency impact | (0.04) | |||||||||||||
Currency-neutral adjusted diluted EPS | 4.03 | $ | 3.94 | |||||||||||
Currency-neutral adjusted diluted EPS growth | 2.3 | % |
Year ended January 2, 2021 | ||||||||||||||||||||||||||||||||||||||
(millions) | North America | Europe | Latin America | AMEA | Corporate | Kellogg Consolidated | ||||||||||||||||||||||||||||||||
Reported net sales | $ | 8,361 | $ | 2,232 | $ | 914 | $ | 2,263 | $ | — | $ | 13,770 | ||||||||||||||||||||||||||
Foreign currency impact on total business (inc)/dec | (7) | 13 | (133) | (77) | — | (204) | ||||||||||||||||||||||||||||||||
Currency-neutral net sales | $ | 8,368 | $ | 2,219 | $ | 1,048 | $ | 2,340 | $ | — | $ | 13,974 | ||||||||||||||||||||||||||
Impact of 53rd week | 134 | 22 | — | 18 | — | 174 | ||||||||||||||||||||||||||||||||
Foreign currency impact on 53rd week (inc)/dec | — | (1) | — | (1) | — | (2) | ||||||||||||||||||||||||||||||||
Organic net sales | $ | 8,234 | $ | 2,198 | $ | 1,048 | $ | 2,322 | $ | — | $ | 13,802 | ||||||||||||||||||||||||||
Year ended December 28, 2019 | ||||||||||||||||||||||||||||||||||||||
(millions) | North America | Europe | Latin America | AMEA | Corporate | Kellogg Consolidated | ||||||||||||||||||||||||||||||||
Reported net sales | $ | 8,390 | $ | 2,092 | $ | 940 | $ | 2,156 | $ | — | $ | 13,578 | ||||||||||||||||||||||||||
Divestitures | 556 | — | 6 | — | — | 562 | ||||||||||||||||||||||||||||||||
Organic net sales | $ | 7,834 | $ | 2,092 | $ | 935 | $ | 2,156 | $ | — | $ | 13,017 | ||||||||||||||||||||||||||
% change - 2020 vs. 2019: | ||||||||||||||||||||||||||||||||||||||
Reported growth | (0.4) | % | 6.7 | % | (2.8) | % | 5.0 | % | — | % | 1.4 | % | ||||||||||||||||||||||||||
Foreign currency impact on total business (inc)/dec | (0.1) | % | 0.7 | % | (14.2) | % | (3.5) | % | — | % | (1.5) | % | ||||||||||||||||||||||||||
Currency-neutral growth | (0.3) | % | 6.0 | % | 11.4 | % | 8.5 | % | — | % | 2.9 | % | ||||||||||||||||||||||||||
Divestitures | (7.1) | % | — | % | (0.7) | % | — | % | — | % | (4.5) | % | ||||||||||||||||||||||||||
Impact of 53rd week | 1.7 | % | 1.0 | % | — | % | 0.8 | % | — | % | 1.4 | % | ||||||||||||||||||||||||||
Foreign currency impact on 53rd week (inc)/dec | — | % | (0.1) | % | — | % | — | % | — | % | — | % | ||||||||||||||||||||||||||
Organic growth | 5.1 | % | 5.1 | % | 12.1 | % | 7.7 | % | — | % | 6.0 | % | ||||||||||||||||||||||||||
Volume (tonnage) | 4.8 | % | 5.3 | % | 8.9 | % | 4.2 | % | — | % | 5.1 | % | ||||||||||||||||||||||||||
Pricing/mix | 0.3 | % | (0.2) | % | 3.2 | % | 3.5 | % | — | % | 0.9 | % |
Year ended January 2, 2021 | ||||||||||||||||||||||||||||||||||||||
(millions) | North America | Europe | Latin America | AMEA | Corporate | Kellogg Consolidated | ||||||||||||||||||||||||||||||||
Reported operating profit | $ | 1,473 | $ | 302 | $ | 97 | $ | 202 | $ | (312) | $ | 1,761 | ||||||||||||||||||||||||||
Mark-to-market | — | — | — | — | (8) | (8) | ||||||||||||||||||||||||||||||||
Business and portfolio realignment | (8) | (9) | (5) | (17) | (7) | (46) | ||||||||||||||||||||||||||||||||
Multi-employer pension plan withdrawal | 5 | — | — | — | — | 5 | ||||||||||||||||||||||||||||||||
Adjusted operating profit | $ | 1,477 | $ | 311 | $ | 102 | $ | 218 | $ | (297) | $ | 1,811 | ||||||||||||||||||||||||||
Foreign currency impact | (1) | 1 | (13) | (5) | 2 | (16) | ||||||||||||||||||||||||||||||||
Currency-neutral adjusted operating profit | $ | 1,478 | $ | 309 | $ | 115 | $ | 224 | $ | (299) | $ | 1,827 | ||||||||||||||||||||||||||
Year ended December 28, 2019 | ||||||||||||||||||||||||||||||||||||||
(millions) | North America | Europe | Latin America | AMEA | Corporate | Kellogg Consolidated | ||||||||||||||||||||||||||||||||
Reported operating profit | $ | 1,215 | $ | 223 | $ | 85 | $ | 195 | $ | (316) | $ | 1,401 | ||||||||||||||||||||||||||
Mark-to-market | — | — | — | — | (7) | (7) | ||||||||||||||||||||||||||||||||
Project K | (29) | (3) | (15) | (4) | (4) | (54) | ||||||||||||||||||||||||||||||||
Brexit impacts | — | (9) | — | — | — | (9) | ||||||||||||||||||||||||||||||||
Business and portfolio realignment | (58) | (46) | (4) | (12) | (42) | (161) | ||||||||||||||||||||||||||||||||
Multi-employer pension plan withdrawal | (132) | — | — | — | — | (132) | ||||||||||||||||||||||||||||||||
Adjusted operating profit | $ | 1,434 | $ | 280 | $ | 104 | $ | 211 | $ | (264) | $ | 1,764 | ||||||||||||||||||||||||||
% change - 2020 vs. 2019: | ||||||||||||||||||||||||||||||||||||||
Reported growth | 21.3 | % | 35.4 | % | 14.2 | % | 3.5 | % | 1.2 | % | 25.7 | % | ||||||||||||||||||||||||||
Mark-to-market | — | % | — | % | — | % | — | % | (0.6) | % | — | % | ||||||||||||||||||||||||||
Project K | 2.8 | % | 1.7 | % | 17.3 | % | 1.9 | % | 1.2 | % | 4.6 | % | ||||||||||||||||||||||||||
Brexit impacts | — | % | 5.1 | % | — | % | — | % | — | % | 0.8 | % | ||||||||||||||||||||||||||
Business and portfolio realignment | 4.6 | % | 17.8 | % | (1.2) | % | (2.1) | % | 13.1 | % | 9.1 | % | ||||||||||||||||||||||||||
Multi-employer pension plan withdrawal | 10.9 | % | — | % | — | % | — | % | — | % | 8.6 | % | ||||||||||||||||||||||||||
Adjusted growth | 3.0 | % | 10.8 | % | (1.9) | % | 3.7 | % | (12.5) | % | 2.6 | % | ||||||||||||||||||||||||||
Foreign currency impact | (0.1) | % | 0.5 | % | (12.6) | % | (2.4) | % | 0.8 | % | (0.9) | % | ||||||||||||||||||||||||||
Currency-neutral adjusted growth | 3.1 | % | 10.3 | % | 10.7 | % | 6.1 | % | (13.3) | % | 3.5 | % | ||||||||||||||||||||||||||
Net sales % change - 2020 vs. 2019: | |||||||||||||||||||||||
North America | Reported Net Sales | Foreign Currency | Currency-Neutral Net Sales | Divestiture | Impact of 53rd week | Foreign Currency impact on 53rd week | Organic Net Sales | ||||||||||||||||
Snacks | (7.2) | % | — | % | (7.2) | % | (12.2) | % | 1.7 | % | — | % | 3.3 | % | |||||||||
Cereal | 8.5 | % | (0.2) | % | 8.7 | % | — | % | 1.9 | % | (0.1) | % | 6.9 | % | |||||||||
Frozen | 9.6 | % | (0.1) | % | 9.7 | % | — | % | 1.6 | % | — | % | 8.1 | % |
Year ended December 28, 2019 | ||||||||||||||||||||||||||||||||||||||
(millions) | North America | Europe | Latin America | AMEA | Corporate | Kellogg Consolidated | ||||||||||||||||||||||||||||||||
Reported net sales | $ | 8,390 | $ | 2,092 | $ | 940 | $ | 2,156 | $ | — | $ | 13,578 | ||||||||||||||||||||||||||
Foreign currency impact on total business (inc)/dec | (11) | (101) | (33) | (87) | — | (231) | ||||||||||||||||||||||||||||||||
Currency-neutral net sales | $ | 8,400 | $ | 2,193 | $ | 973 | $ | 2,243 | $ | — | $ | 13,810 | ||||||||||||||||||||||||||
Acquisitions | — | — | — | 271 | — | 271 | ||||||||||||||||||||||||||||||||
Foreign currency impact on acquisitions (inc)/dec | — | — | — | 49 | — | 49 | ||||||||||||||||||||||||||||||||
Organic net sales | $ | 8,400 | $ | 2,193 | $ | 973 | $ | 1,922 | $ | — | $ | 13,489 | ||||||||||||||||||||||||||
Year ended December 29, 2018 | ||||||||||||||||||||||||||||||||||||||
(millions) | North America | Europe | Latin America | AMEA | Corporate | Kellogg Consolidated | ||||||||||||||||||||||||||||||||
Reported net sales | $ | 8,688 | $ | 2,122 | $ | 947 | $ | 1,790 | $ | — | $ | 13,547 | ||||||||||||||||||||||||||
Divestitures | 305 | — | 4 | — | — | 308 | ||||||||||||||||||||||||||||||||
Organic net sales | $ | 8,383 | $ | 2,122 | $ | 943 | $ | 1,790 | $ | — | $ | 13,239 | ||||||||||||||||||||||||||
% change - 2019 vs. 2018: | ||||||||||||||||||||||||||||||||||||||
Reported growth | (3.4) | % | (1.4) | % | (0.7) | % | 20.4 | % | — | % | 0.2 | % | ||||||||||||||||||||||||||
Foreign currency impact | (0.1) | % | (4.7) | % | (3.5) | % | (4.9) | % | — | % | (1.7) | % | ||||||||||||||||||||||||||
Currency-neutral growth | (3.3) | % | 3.3 | % | 2.8 | % | 25.3 | % | — | % | 1.9 | % | ||||||||||||||||||||||||||
Acquisitions | — | % | — | % | — | % | 15.2 | % | — | % | 2.0 | % | ||||||||||||||||||||||||||
Divestitures | (3.5) | % | — | % | (0.4) | % | — | % | — | % | (2.4) | % | ||||||||||||||||||||||||||
Foreign currency impact on acquisitions (inc)/dec | — | % | — | % | — | % | 2.7 | % | — | % | 0.4 | % | ||||||||||||||||||||||||||
Organic growth | 0.2 | % | 3.3 | % | 3.2 | % | 7.4 | % | — | % | 1.9 | % | ||||||||||||||||||||||||||
Volume (tonnage) | (1.8) | % | 1.7 | % | — | % | 2.2 | % | — | % | (0.2) | % | ||||||||||||||||||||||||||
Pricing/mix | 2.0 | % | 1.6 | % | 3.2 | % | 5.2 | % | — | % | 2.1 | % |
Year ended December 28, 2019 | ||||||||||||||||||||||||||||||||||||||
(millions) | North America | Europe | Latin America | AMEA | Corporate* | Kellogg Consolidated | ||||||||||||||||||||||||||||||||
Reported operating profit | $ | 1,215 | $ | 223 | $ | 85 | $ | 195 | $ | (316) | $ | 1,401 | ||||||||||||||||||||||||||
Mark-to-market | — | — | — | — | (7) | (7) | ||||||||||||||||||||||||||||||||
Project K | (29) | (3) | (15) | (4) | (4) | (54) | ||||||||||||||||||||||||||||||||
Brexit impacts | — | (9) | — | — | — | (9) | ||||||||||||||||||||||||||||||||
Business and portfolio realignment | (58) | (46) | (4) | (12) | (42) | (161) | ||||||||||||||||||||||||||||||||
Multi-employer pension plan withdrawal | (132) | — | — | — | — | (132) | ||||||||||||||||||||||||||||||||
Adjusted operating profit | $ | 1,434 | $ | 280 | $ | 104 | $ | 211 | $ | (264) | $ | 1,764 | ||||||||||||||||||||||||||
Foreign currency impact | (1) | (13) | (1) | (8) | — | (23) | ||||||||||||||||||||||||||||||||
Currency-neutral adjusted operating profit | $ | 1,434 | $ | 293 | $ | 105 | $ | 219 | $ | (264) | $ | 1,788 | ||||||||||||||||||||||||||
Year ended December 29, 2018 | ||||||||||||||||||||||||||||||||||||||
(millions) | North America | Europe | Latin America | AMEA | Corporate* | Kellogg Consolidated | ||||||||||||||||||||||||||||||||
Reported operating profit | $ | 1,397 | $ | 251 | $ | 102 | $ | 174 | $ | (218) | $ | 1,706 | ||||||||||||||||||||||||||
Mark-to-market | — | — | — | — | 7 | 7 | ||||||||||||||||||||||||||||||||
Project K | (107) | (26) | (15) | (18) | (7) | (173) | ||||||||||||||||||||||||||||||||
Brexit impacts | — | (3) | — | — | — | (3) | ||||||||||||||||||||||||||||||||
Business and portfolio realignment | (3) | — | — | — | (2) | (5) | ||||||||||||||||||||||||||||||||
Adjusted operating profit | $ | 1,507 | $ | 280 | $ | 117 | $ | 192 | $ | (216) | $ | 1,880 | ||||||||||||||||||||||||||
% change - 2019 vs. 2018: | ||||||||||||||||||||||||||||||||||||||
Reported growth | (13.0) | % | (11.2) | % | (16.8) | % | 11.9 | % | (44.6) | % | (17.8) | % | ||||||||||||||||||||||||||
Mark-to-market | — | % | — | % | — | % | — | % | (7.7) | % | (0.7) | % | ||||||||||||||||||||||||||
Project K | 4.3 | % | 7.5 | % | (2.7) | % | 8.6 | % | 2.6 | % | 4.8 | % | ||||||||||||||||||||||||||
Brexit impacts | — | % | (2.4) | % | — | % | 0.2 | % | — | % | (0.4) | % | ||||||||||||||||||||||||||
Business and portfolio realignment | (3.6) | % | (16.4) | % | (3.0) | % | (6.3) | % | (18.1) | % | (8.3) | % | ||||||||||||||||||||||||||
Multi-employer pension plan withdrawal | (8.8) | % | — | % | — | % | — | % | — | % | (7.1) | % | ||||||||||||||||||||||||||
Adjusted growth | (4.9) | % | 0.1 | % | (11.1) | % | 9.4 | % | (21.4) | % | (6.1) | % | ||||||||||||||||||||||||||
Foreign currency impact | — | % | (4.5) | % | (1.2) | % | (4.4) | % | 0.1 | % | (1.2) | % | ||||||||||||||||||||||||||
Currency-neutral adjusted growth | (4.9) | % | 4.6 | % | (9.9) | % | 13.8 | % | (21.5) | % | (4.9) | % | ||||||||||||||||||||||||||
Net sales % change - 2019 vs. 2018: | |||||||||||||||||
North America | Reported Net Sales | Foreign Currency | Currency-Neutral Net Sales | Divestiture | Organic Net Sales | ||||||||||||
Snacks | (4.1) | % | (0.1) | % | (4.0) | % | (6.2) | % | 2.2 | % | |||||||
Cereal | (4.1) | % | (0.2) | % | (3.9) | % | — | % | (3.9) | % | |||||||
Frozen | 1.6 | % | (0.1) | % | 1.7 | % | — | % | 1.7 | % |
Change vs. prior year (pts.) | |||||||||||
2020 | 2019 | ||||||||||
Reported gross margin (a) | 34.3 | % | 32.3 | % | 2.0 | ||||||
Mark-to-market | (0.1) | % | — | % | (0.1) | ||||||
Project K | — | % | (0.3) | % | 0.3 | ||||||
Brexit impacts | — | % | — | % | — | ||||||
Business and portfolio realignment | — | % | (0.1) | % | 0.1 | ||||||
Multi-employer pension plan withdrawal | — | % | (1.0) | % | 1.0 | ||||||
Adjusted gross margin | 34.4 | % | 33.7 | % | 0.7 | ||||||
Foreign currency impact | 0.1 | % | — | % | 0.1 | ||||||
Currency-neutral adjusted gross margin | 34.3 | % | 33.7 | % | 0.6 | ||||||
(dollars in millions) | 2020 | 2019 | ||||||||||||
Reported gross profit (a) | $ | 4,727 | $ | 4,381 | ||||||||||
Mark-to-market | (6) | (4) | ||||||||||||
Project K | — | (35) | ||||||||||||
Brexit impacts | — | (9) | ||||||||||||
Business and portfolio realignment | (7) | (17) | ||||||||||||
Multi-employer pension plan withdrawal | 5 | (132) | ||||||||||||
Adjusted gross profit | 4,735 | 4,579 | ||||||||||||
Foreign currency impact | (57) | — | ||||||||||||
Currency-neutral adjusted gross profit | $ | 4,792 | $ | 4,579 | ||||||||||
Change vs. prior year (pts.) | |||||||||||
2019 | 2018 | ||||||||||
Reported gross margin (a) | 32.3 | % | 34.9 | % | (2.6) | ||||||
Mark-to-market | — | % | 0.1 | % | (0.1) | ||||||
Project K | (0.3) | % | (0.8) | % | 0.5 | ||||||
Brexit impacts | — | % | — | % | — | ||||||
Business and portfolio realignment | (0.1) | % | — | % | (0.1) | ||||||
Multi-employer pension plan withdrawal | (1.0) | % | — | % | (1.0) | ||||||
Adjusted gross margin | 33.7 | % | 35.6 | % | (1.9) | ||||||
Foreign currency impact | — | % | — | % | — | ||||||
Currency-neutral adjusted gross margin | 33.7 | % | 35.6 | % | (1.9) | ||||||
(dollars in millions) | 2019 | 2018 | ||||||||||||
Reported gross profit (a) | $ | 4,381 | $ | 4,726 | ||||||||||
Mark-to-market | (4) | 6 | ||||||||||||
Project K | (35) | (99) | ||||||||||||
Brexit impacts | (9) | (2) | ||||||||||||
Business and portfolio realignment | (17) | — | ||||||||||||
Multi-employer pension plan withdrawal | (132) | — | ||||||||||||
Adjusted gross profit | 4,578 | 4,821 | ||||||||||||
Foreign currency impact | (73) | — | ||||||||||||
Currency-neutral adjusted gross profit | $ | 4,651 | $ | 4,821 | ||||||||||
Consolidated results (dollars in millions) | 2020 | 2019 | ||||||||||||
Reported income taxes | $ | 323 | $ | 321 | ||||||||||
Mark-to-market | (39) | (24) | ||||||||||||
Project K | — | (14) | ||||||||||||
Brexit impacts | — | (1) | ||||||||||||
Business and portfolio realignment | (6) | (35) | ||||||||||||
Multi-employer pension plan withdrawal | 1 | (31) | ||||||||||||
Gain on divestiture | (1) | 55 | ||||||||||||
U.S. Tax Reform | (32) | — | ||||||||||||
Out-of-period adjustment | — | 39 | ||||||||||||
Adjusted income taxes | $ | 401 | $ | 333 | ||||||||||
Reported effective income tax rate | 20.2 | % | 24.6 | % | ||||||||||
Mark-to-market | (0.4) | 0.1 | ||||||||||||
Project K | — | (0.1) | ||||||||||||
Brexit impacts | — | 0.1 | ||||||||||||
Business and portfolio realignment | 0.1 | (0.1) | ||||||||||||
Multi-employer pension plan withdrawal | — | (0.1) | ||||||||||||
Gain on divestiture | — | 2.5 | ||||||||||||
U.S. Tax Reform | (1.8) | % | — | % | ||||||||||
Out-of-period adjustment | — | 2.7 | ||||||||||||
Adjusted effective income tax rate | 22.2 | % | 19.5 | % |
(dollars in millions) | 2020 | 2019 | ||||||||||||
Net cash provided by (used in): | ||||||||||||||
Operating activities | $ | 1,986 | $ | 1,176 | ||||||||||
Investing activities | (585) | 774 | ||||||||||||
Financing activities | (1,388) | (1,905) | ||||||||||||
Effect of exchange rates on cash and cash equivalents | 25 | 31 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 38 | $ | 76 |
(dollars in millions) | 2020 | 2019 | ||||||||||||
Net cash provided by operating activities | $ | 1,986 | $ | 1,176 | ||||||||||
Additions to properties | (505) | (586) | ||||||||||||
Cash flow | $ | 1,481 | $ | 590 |
(millions, unaudited) | January 2, 2021 | December 28, 2019 | ||||||||||||
Notes payable | $ | $ | 107 | |||||||||||
Current maturities of long-term debt | 620 | |||||||||||||
Long-term debt | 7,195 | |||||||||||||
Total debt liabilities | $ | 7,475 | $ | 7,922 | ||||||||||
Less: | ||||||||||||||
Cash and cash equivalents | (435) | (397) | ||||||||||||
Net debt | $ | 7,040 | $ | 7,525 |
Contractual obligations | Payments due by period | |||||||||||||||||||||||||||||||||||||||||||
(millions) | Total | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 and beyond | |||||||||||||||||||||||||||||||||||||
Long-term debt: | ||||||||||||||||||||||||||||||||||||||||||||
Principal | $ | 7,386 | 627 | 755 | 782 | 750 | 739 | 3,733 | ||||||||||||||||||||||||||||||||||||
Interest (a) | 1,981 | 225 | 213 | 192 | 174 | 167 | 1,010 | |||||||||||||||||||||||||||||||||||||
Finance leases (b) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Operating leases (c) | 713 | 134 | 107 | 94 | 81 | 78 | 219 | |||||||||||||||||||||||||||||||||||||
Purchase obligations (d) | 1,560 | 1,277 | 102 | 53 | 22 | 19 | 87 | |||||||||||||||||||||||||||||||||||||
Uncertain tax positions (e) | 19 | 19 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other long-term obligations (f) | 630 | 109 | 78 | 77 | 83 | 71 | 212 | |||||||||||||||||||||||||||||||||||||
Total | $ | 12,289 | $ | 2,391 | $ | 1,255 | $ | 1,198 | $ | 1,110 | $ | 1,074 | $ | 5,261 |
Impact of certain items excluded from Non-GAAP guidance: | Net Sales | Operating Profit | Earnings Per Share | ||||||||
Business and portfolio realignment (pre-tax) | $30-$40M | $0.09-$0.12 | |||||||||
Income tax impact applicable to adjustments, net** | ~$0.03 | ||||||||||
Currency-neutral adjusted guidance* | ~(2)% | ~1% | |||||||||
Organic guidance* | ~(1)% | ||||||||||
Reconciliation of Non-GAAP amounts - Cash Flow Guidance | |||||
(billions) | |||||
Full Year 2021 | |||||
Net cash provided by (used in) operating activities | ~$1.6 | ||||
Additions to properties | ~($0.5) | ||||
Cash Flow | ~$1.1 |
(millions, except per share data) | 2020 | 2019 | 2018 | |||||||||||||||||
Net sales | $ | $ | $ | |||||||||||||||||
Cost of goods sold | ||||||||||||||||||||
Selling, general and administrative expense | ||||||||||||||||||||
Operating profit | $ | $ | $ | |||||||||||||||||
Interest expense | ||||||||||||||||||||
Other income (expense), net | $ | $ | $ | ( | ||||||||||||||||
Income before income taxes | ||||||||||||||||||||
Income taxes | ||||||||||||||||||||
Earnings (loss) from unconsolidated entities | ( | ( | ||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Net income (loss) attributable to noncontrolling interests | ||||||||||||||||||||
Net income attributable to Kellogg Company | $ | $ | $ | |||||||||||||||||
Per share amounts: | ||||||||||||||||||||
Basic | $ | $ | $ | |||||||||||||||||
Diluted | $ | $ | $ | |||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||
(millions) | Pre-tax amount | Tax (expense) benefit | After-tax amount | Pre-tax amount | Tax (expense) benefit | After-tax amount | Pre-tax amount | Tax (expense) benefit | After-tax amount | |||||||||||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | ( | $ | ( | $ | $ | ( | $ | $ | ( | ( | |||||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on cash flow hedges | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Reclassification to net income | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Postretirement and postemployment benefits: | ||||||||||||||||||||||||||||||||||||||
Amounts arising during the period: | ||||||||||||||||||||||||||||||||||||||
Net experience gain (loss) | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||
Prior service credit (cost) | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Reclassification to net income: | ||||||||||||||||||||||||||||||||||||||
Net experience (gain) loss | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||
Prior service (credit) cost | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) | ||||||||||||||||||||||||||||||||||||||
Reclassification to net income | ( | ( | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | $ | ( | $ | $ | ( | $ | $ | ( | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||||||
Comprehensive income | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) attributable to noncontrolling interests | ( | ( | ||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Kellogg Company | $ | $ | $ |
(millions, except share data) | 2020 | 2019 | ||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Accounts receivable, net | ||||||||||||||
Inventories | ||||||||||||||
Other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property, net | ||||||||||||||
Operating lease right-of-use assets | ||||||||||||||
Goodwill | ||||||||||||||
Other intangibles, net | ||||||||||||||
Investment in unconsolidated entities | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Current liabilities | ||||||||||||||
Current maturities of long-term debt | $ | $ | ||||||||||||
Notes payable | ||||||||||||||
Accounts payable | ||||||||||||||
Current operating lease liabilities | ||||||||||||||
Accrued advertising and promotion | ||||||||||||||
Other current liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term debt | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Deferred income taxes | ||||||||||||||
Pension liability | ||||||||||||||
Other liabilities | ||||||||||||||
Commitments and contingencies | ||||||||||||||
Equity | ||||||||||||||
Common stock, $ Issued: | ||||||||||||||
Capital in excess of par value | ||||||||||||||
Retained earnings | ||||||||||||||
Treasury stock, at cost | ( | ( | ||||||||||||
Accumulated other comprehensive income (loss) | ( | ( | ||||||||||||
Total Kellogg Company equity | ||||||||||||||
Noncontrolling interests | ||||||||||||||
Total equity | ||||||||||||||
Total liabilities and equity | $ | $ |
(millions) | Common stock | Capital in excess of par value | Retained earnings | Treasury stock | Accumulated other comprehensive income (loss) | Total Kellogg Company equity | Non- controlling interests | Total equity | ||||||||||||||||||||||||
shares | amount | shares | amount | |||||||||||||||||||||||||||||
Balance, December 30, 2017 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||
Common stock repurchases | ( | ( | ( | |||||||||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||||||||
Acquisition of noncontrolling interest | ||||||||||||||||||||||||||||||||
Dividends declared ($ | ( | ( | ( | |||||||||||||||||||||||||||||
Distributions to noncontrolling interest | ( | ( | ||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Stock compensation | ||||||||||||||||||||||||||||||||
Stock options exercised and other | ( | ( | ||||||||||||||||||||||||||||||
Balance, December 29, 2018 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||
Common stock repurchases | ( | ( | ( | |||||||||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||||||||
Sale of subsidiary shares to noncontrolling interest | ||||||||||||||||||||||||||||||||
Dividends declared ($ | ( | ( | ( | |||||||||||||||||||||||||||||
Distributions to noncontrolling interest | ( | ( | ||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||||||||||||||
Reclassification of tax effects relating to U.S. tax reform | ( | |||||||||||||||||||||||||||||||
Stock compensation | ||||||||||||||||||||||||||||||||
Stock options exercised and other | ( | ( | ( | |||||||||||||||||||||||||||||
Balance, December 28, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||||||||
Divestiture | ( | ( | ||||||||||||||||||||||||||||||
Dividends declared ($ | ( | ( | ( | |||||||||||||||||||||||||||||
Distributions to noncontrolling interest | ( | ( | ||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Stock compensation | ||||||||||||||||||||||||||||||||
Stock options exercised and other | ( | ( | ( | |||||||||||||||||||||||||||||
Balance, January 2, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ |
(millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Operating activities | ||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Adjustments to reconcile net income to operating cash flows: | ||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Postretirement benefit plan expense (benefit) | ( | ( | ||||||||||||||||||
Deferred income taxes | ||||||||||||||||||||
Stock compensation | ||||||||||||||||||||
Multi-employer pension plan exit liability | ( | |||||||||||||||||||
Gain from unconsolidated entities, net | ( | |||||||||||||||||||
Other | ( | ( | ( | |||||||||||||||||
Tax payment related to divestitures | ( | |||||||||||||||||||
Postretirement benefit plan contributions | ( | ( | ( | |||||||||||||||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||||||||||||||||
Trade receivables | ( | |||||||||||||||||||
Inventories | ( | ( | ||||||||||||||||||
Accounts payable | ( | ( | ||||||||||||||||||
All other current assets and liabilities | ( | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | $ | $ | |||||||||||||||||
Investing activities | ||||||||||||||||||||
Additions to properties | $ | ( | $ | ( | $ | ( | ||||||||||||||
Purchases of marketable securities | ( | |||||||||||||||||||
Sales of marketable securities | ||||||||||||||||||||
Acquisitions, net of cash acquired | ( | ( | ||||||||||||||||||
Divestiture, net of cash disposed | ( | |||||||||||||||||||
Investments in unconsolidated entities | ( | |||||||||||||||||||
Acquisition of cost method investments | ( | ( | ( | |||||||||||||||||
Purchases of available for sale securities | ( | ( | ||||||||||||||||||
Sales of available for sale securities | ||||||||||||||||||||
Other | ( | ( | ||||||||||||||||||
Net cash provided by (used in) investing activities | $ | ( | $ | $ | ( | |||||||||||||||
Financing activities | ||||||||||||||||||||
Net increase (reduction) of notes payable, with maturities less than or equal to 90 days | ( | ( | ( | |||||||||||||||||
Issuances of notes payable, with maturities greater than 90 days | ||||||||||||||||||||
Reductions of notes payable, with maturities greater than 90 days | ( | ( | ( | |||||||||||||||||
Issuances of long-term debt | ||||||||||||||||||||
Reductions of long-term debt | ( | ( | ( | |||||||||||||||||
Debt redemption costs | ( | ( | ||||||||||||||||||
Net issuances of common stock | ||||||||||||||||||||
Common stock repurchases | ( | ( | ||||||||||||||||||
Cash dividends | ( | ( | ( | |||||||||||||||||
Collateral received on derivative instruments | ( | |||||||||||||||||||
Other | ( | ( | ( | |||||||||||||||||
Net cash provided by (used in) financing activities | $ | ( | $ | ( | $ | ( | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | ||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | $ | $ | $ | |||||||||||||||||
Cash and cash equivalents at beginning of period | ||||||||||||||||||||
Cash and cash equivalents at end of period | $ | $ | $ | |||||||||||||||||
Supplemental cash flow disclosures: | ||||||||||||||||||||
Interest paid | $ | $ | $ | |||||||||||||||||
Income taxes paid | $ | $ | $ | |||||||||||||||||
Supplemental cash flow disclosures of non-cash investing activities: | ||||||||||||||||||||
Additions to properties included in accounts payable | $ | $ | $ |
Year ended | ||||||||
(millions) | December 29, 2018 | December 30, 2017 | ||||||
Net sales | $ | $ | ||||||
Net Income attributable to Kellogg Company | $ | $ | ||||||
(millions) | North America | Europe | Latin America | AMEA | Consoli- dated | ||||||||||||
December 29, 2018 | $ | $ | $ | $ | $ | ||||||||||||
Divestiture | ( | ( | |||||||||||||||
Currency translation adjustment | ( | ||||||||||||||||
December 28, 2019 | $ | $ | $ | $ | $ | ||||||||||||
Currency translation adjustment | ( | ( | ( | ||||||||||||||
January 2, 2021 | $ | $ | $ | $ | $ |
Gross carrying amount | |||||||||||||||||
(millions) | North America | Europe | Latin America | AMEA | Consoli- dated | ||||||||||||
December 29, 2018 | $ | $ | $ | $ | $ | ||||||||||||
Additions | |||||||||||||||||
Divestiture | ( | ( | |||||||||||||||
Currency translation adjustment | ( | ( | ( | ||||||||||||||
December 28, 2019 | $ | $ | $ | $ | $ | ||||||||||||
Additions | |||||||||||||||||
Currency translation adjustment | ( | ( | ( | ||||||||||||||
January 2, 2021 | $ | $ | $ | $ | $ | ||||||||||||
Accumulated Amortization | |||||||||||||||||
December 29, 2018 | $ | $ | $ | $ | $ | ||||||||||||
Amortization | |||||||||||||||||
Divestiture | ( | ( | |||||||||||||||
Currency translation adjustment | ( | ( | |||||||||||||||
December 28, 2019 | $ | $ | $ | $ | $ | ||||||||||||
Amortization (a) | |||||||||||||||||
Currency translation adjustment | ( | ( | ( | ||||||||||||||
January 2, 2021 | $ | $ | $ | $ | $ | ||||||||||||
Intangible assets subject to amortization, net | |||||||||||||||||
December 29, 2018 | $ | $ | $ | $ | $ | ||||||||||||
Additions | |||||||||||||||||
Amortization | ( | ( | ( | ( | ( | ||||||||||||
Currency translation adjustment | ( | ( | ( | ||||||||||||||
December 28, 2019 | $ | $ | $ | $ | $ | ||||||||||||
Additions | |||||||||||||||||
Amortization | ( | ( | ( | ( | ( | ||||||||||||
Currency translation adjustment | ( | ( | ( | ||||||||||||||
January 2, 2021 | $ | $ | $ | $ | $ |
(millions) | North America | Europe | Latin America | AMEA | Consoli- dated | ||||||||||||
December 29, 2018 | $ | $ | $ | $ | $ | ||||||||||||
Additions | |||||||||||||||||
Divestiture | ( | ( | |||||||||||||||
Currency translation adjustment | ( | ( | ( | ||||||||||||||
December 28, 2019 | $ | $ | $ | $ | $ | ||||||||||||
Divestiture | ( | ( | |||||||||||||||
Currency translation adjustment | ( | ( | ( | ||||||||||||||
January 2, 2021 | $ | $ | $ | $ | $ |
Program costs to date | ||||||||||||||||||||||||||
(millions) | 2020 | 2019 | 2018 | January 2, 2021 | ||||||||||||||||||||||
Employee related costs | $ | $ | $ | $ | ||||||||||||||||||||||
Pension curtailment (gain) loss, net | ( | ( | ( | ( | ||||||||||||||||||||||
Asset related costs | ||||||||||||||||||||||||||
Asset impairment | ||||||||||||||||||||||||||
Other costs | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Program costs to date | ||||||||||||||||||||||||||
(millions) | 2020 | 2019 | 2018 | January 2, 2021 | ||||||||||||||||||||||
North America | $ | $ | $ | $ | ||||||||||||||||||||||
Europe | ||||||||||||||||||||||||||
Latin America | ||||||||||||||||||||||||||
AMEA | ||||||||||||||||||||||||||
Corporate | ( | |||||||||||||||||||||||||
Total | $ | $ | $ | $ |
(millions) | Employee Related Costs | Curtailment Gain Loss, net | Asset Impairment | Asset Related Costs | Other Costs | Total | ||||||||||||||||||||||||||||||||
Liability as of December 29, 2018 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
2019 restructuring charges | ( | |||||||||||||||||||||||||||||||||||||
Cash payments | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Non-cash charges and other | ( | ( | ||||||||||||||||||||||||||||||||||||
Liability as of December 28, 2019 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
2020 restructuring charges | ( | |||||||||||||||||||||||||||||||||||||
Cash payments | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Non-cash charges and other | ( | |||||||||||||||||||||||||||||||||||||
Liability as of January 2, 2021 | $ | $ | $ | $ | $ | $ |
Details about AOCI Components | Amount reclassified from AOCI | Line item impacted within Income Statement | ||||||||||||||||||||||||
(millions) | 2020 | 2019 | 2018 | |||||||||||||||||||||||
(Gains) and losses on cash flow hedges: | ||||||||||||||||||||||||||
Interest rate contracts | $ | $ | $ | Interest expense | ||||||||||||||||||||||
$ | $ | $ | Total before tax | |||||||||||||||||||||||
( | ( | ( | Tax expense (benefit) | |||||||||||||||||||||||
$ | $ | $ | Net of tax | |||||||||||||||||||||||
Amortization of postretirement and postemployment benefits: | ||||||||||||||||||||||||||
Net experience (gains) | $ | ( | $ | ( | $ | ( | OIE | |||||||||||||||||||
Prior service (credit) cost | ( | ( | OIE | |||||||||||||||||||||||
$ | ( | $ | ( | $ | ( | Total before tax | ||||||||||||||||||||
Tax expense (benefit) | ||||||||||||||||||||||||||
$ | ( | $ | ( | $ | ( | Net of tax | ||||||||||||||||||||
(Gains) losses on available-for-sale securities | ||||||||||||||||||||||||||
Corporate bonds | $ | $ | ( | $ | OIE | |||||||||||||||||||||
$ | $ | ( | $ | Total before tax | ||||||||||||||||||||||
Tax expense (benefit) | ||||||||||||||||||||||||||
$ | $ | ( | $ | Net of tax | ||||||||||||||||||||||
Total reclassifications | $ | $ | ( | $ | Net of tax |
(millions) | January 2, 2021 | December 28, 2019 | ||||||||||||
Foreign currency translation adjustments | $ | ( | $ | ( | ||||||||||
Cash flow hedges — unrealized net gain (loss) | ( | ( | ||||||||||||
Postretirement and postemployment benefits: | ||||||||||||||
Net experience gain (loss) | ||||||||||||||
Prior service credit (cost) | ( | |||||||||||||
Available-for-sale securities unrealized net gain (loss) | ||||||||||||||
Total accumulated other comprehensive income (loss) | $ | ( | $ | ( |
(millions) | Year ended January 2, 2021 | Year ended December 28, 2019 | ||||||||||||
Other information | ||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows from operating leases | $ | $ | ||||||||||||
Right-of-use assets obtained in exchange for operating lease liabilities | ||||||||||||||
New leases | $ | $ | ||||||||||||
Modified leases | $ | $ | ||||||||||||
Weighted-average remaining lease term - operating leases | ||||||||||||||
Weighted-average discount rate - operating leases |
(millions) | Operating leases | |||||||
2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 and beyond | ||||||||
Total minimum payments | $ | |||||||
Less interest | ( | |||||||
Present value of lease liabilities | $ | |||||||
(millions) | 2020 | 2019 | ||||||||||||||||||||||||
Principal amount | Effective interest rate | Principal amount | Effective interest rate | |||||||||||||||||||||||
U.S. commercial paper | $ | % | $ | % | ||||||||||||||||||||||
Bank borrowings | ||||||||||||||||||||||||||
Total | $ | $ |
(millions) | 2020 | 2019 | ||||||||||||
(a) 4.50% U.S. Dollar Notes due 2046 | $ | $ | ||||||||||||
(b) 7.45% U.S. Dollar Debentures due 2031 | ||||||||||||||
(c) 2.10% U.S. Dollar Notes due 2030 | ||||||||||||||
(d) 4.30% U.S. Dollar Notes due 2028 | ||||||||||||||
(e) 3.40% U.S. Dollar Notes due 2027 | ||||||||||||||
(f) 3.25% U.S. Dollar Notes due 2026 | ||||||||||||||
(g) 1.25% Euro Notes due 2025 | ||||||||||||||
(h) 1.00% Euro Notes due 2024 | ||||||||||||||
(i) 2.65% U.S. Dollar Notes due 2023 | ||||||||||||||
(j) 2.75% U.S. Dollar Notes due 2023 | ||||||||||||||
(k) 3.125% U.S. Dollar Notes due 2022 | ||||||||||||||
(l) 0.80% Euro Notes due 2022 | ||||||||||||||
(m) 1.75% Euro Notes due 2021 | ||||||||||||||
(n) 3.25% U.S. Dollar Notes due 2021 | ||||||||||||||
(o) 4.0% U.S. Dollar Notes due 2020 | ||||||||||||||
Other | ||||||||||||||
Less current maturities | ( | ( | ||||||||||||
Balance at year end | $ | $ |
(millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Pre-tax compensation expense | $ | $ | $ | |||||||||||||||||
Related income tax benefit | $ | $ | $ |
(millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Total cash received from option exercises and similar instruments | $ | $ | $ | |||||||||||||||||
Tax windfall (shortfall) classified as cash flow from operating activities | $ | $ | ( | $ |
Stock option valuation model assumptions for grants within the year ended: | 2020 | 2019 | 2018 | |||||||||||||||||
Weighted-average expected volatility | % | % | % | |||||||||||||||||
Weighted-average expected term (years) | ||||||||||||||||||||
Weighted-average risk-free interest rate | % | % | % | |||||||||||||||||
Dividend yield | % | % | % | |||||||||||||||||
Weighted-average fair value of options granted | $ | $ | $ |
Employee and director stock options | Shares (millions) | Weighted- average exercise price | Weighted- average remaining contractual term (yrs.) | Aggregate intrinsic value (millions) | ||||||||||||||||||||||
Outstanding, beginning of year | $ | |||||||||||||||||||||||||
Granted | ||||||||||||||||||||||||||
Exercised | ( | |||||||||||||||||||||||||
Forfeitures and expirations | ( | |||||||||||||||||||||||||
Outstanding, end of year | $ | $ | ||||||||||||||||||||||||
Exercisable, end of year | $ | $ |
(millions, except per share data) | 2019 | 2018 | ||||||||||||
Outstanding, beginning of year | ||||||||||||||
Granted | ||||||||||||||
Exercised | ( | ( | ||||||||||||
Forfeitures and expirations | ( | ( | ||||||||||||
Outstanding, end of year | ||||||||||||||
Exercisable, end of year | ||||||||||||||
Weighted-average exercise price: | ||||||||||||||
Outstanding, beginning of year | $ | $ | ||||||||||||
Granted | ||||||||||||||
Exercised | ||||||||||||||
Forfeitures and expirations | ||||||||||||||
Outstanding, end of year | $ | $ | ||||||||||||
Exercisable, end of year | $ | $ |
Employee restricted stock units | Shares (thousands) | Weighted-average grant-date fair value | ||||||||||||
Non-vested, beginning of year | $ | |||||||||||||
Granted | ||||||||||||||
Vested | ( | |||||||||||||
Forfeited | ( | |||||||||||||
Non-vested, end of year | $ |
Employee restricted stock units | 2019 | 2018 | ||||||||||||
Shares (in thousands): | ||||||||||||||
Non-vested, beginning of year | ||||||||||||||
Granted | ||||||||||||||
Vested | ( | ( | ||||||||||||
Forfeited | ( | ( | ||||||||||||
Non-vested, end of year | ||||||||||||||
Weighted-average exercise price: | ||||||||||||||
Non-vested, beginning of year | $ | $ | ||||||||||||
Granted | ||||||||||||||
Vested | ||||||||||||||
Forfeited | ||||||||||||||
Non-vested, end of year | $ | $ |
(millions) | 2020 | 2019 | ||||||||||||
Change in projected benefit obligation | ||||||||||||||
Beginning of year | $ | $ | ||||||||||||
Service cost | ||||||||||||||
Interest cost | ||||||||||||||
Plan participants’ contributions | ||||||||||||||
Amendments | ||||||||||||||
Actuarial (gain)loss | ||||||||||||||
Benefits paid | ( | ( | ||||||||||||
Curtailment and special termination benefits | ( | ( | ||||||||||||
Settlements | ( | |||||||||||||
Foreign currency adjustments | ||||||||||||||
End of year | $ | $ | ||||||||||||
Change in plan assets | ||||||||||||||
Fair value beginning of year | $ | $ | ||||||||||||
Actual return on plan assets | ||||||||||||||
Employer contributions | ||||||||||||||
Plan participants’ contributions | ||||||||||||||
Benefits paid | ( | ( | ||||||||||||
Settlements | ( | |||||||||||||
Other | ( | |||||||||||||
Foreign currency adjustments | ||||||||||||||
Fair value end of year | $ | $ | ||||||||||||
Funded status | $ | ( | $ | ( | ||||||||||
Amounts recognized in the Consolidated Balance Sheet consist of | ||||||||||||||
Other assets | $ | $ | ||||||||||||
Other current liabilities | ( | ( | ||||||||||||
Other liabilities | ( | ( | ||||||||||||
Net amount recognized | $ | ( | $ | ( | ||||||||||
Amounts recognized in accumulated other comprehensive income consist of | ||||||||||||||
Prior service cost | $ | $ | ||||||||||||
Net amount recognized | $ | $ |
(millions) | 2020 | 2019 | ||||||||||||
Projected benefit obligation | $ | $ | ||||||||||||
Accumulated benefit obligation | $ | $ | ||||||||||||
Fair value of plan assets | $ | $ |
(millions) | 2020 | 2019 | ||||||||||||
Projected benefit obligation | $ | $ | ||||||||||||
Accumulated benefit obligation | $ | $ | ||||||||||||
Fair value of plan assets | $ | $ |
(millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Service cost | $ | $ | $ | |||||||||||||||||
Interest cost | ||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | |||||||||||||||||
Amortization of unrecognized prior service cost | ||||||||||||||||||||
Other expense | ||||||||||||||||||||
Recognized net (gain) loss | ||||||||||||||||||||
Net periodic benefit cost | ||||||||||||||||||||
Curtailment and special termination benefits | ( | ( | ( | |||||||||||||||||
Pension (income) expense: | ||||||||||||||||||||
Defined benefit plans | ||||||||||||||||||||
Defined contribution plans | ||||||||||||||||||||
Total | $ | $ | $ |
2020 | 2019 | 2018 | ||||||||||||||||||
Discount rate | % | % | % | |||||||||||||||||
Long-term rate of compensation increase | % | % | % |
2020 | 2019 | 2018 | ||||||||||||||||||
Discount rate | % | % | % | |||||||||||||||||
Long-term rate of compensation increase | % | % | % | |||||||||||||||||
Long-term rate of return on plan assets | % | % | % |
(millions) | Total Level 1 | Total Level 2 | Total Level 3 | Total NAV (practical expedient)(a) | Total | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Corporate stock, common | ||||||||||||||||||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||
Debt | ||||||||||||||||||||||||||||||||
Collective trusts: | ||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||
Debt | ||||||||||||||||||||||||||||||||
Limited partnerships | ||||||||||||||||||||||||||||||||
Bonds, corporate | ||||||||||||||||||||||||||||||||
Bonds, government | ||||||||||||||||||||||||||||||||
Bonds, other | ||||||||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
Buy-in annuity contract | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
(millions) | Total Level 1 | Total Level 2 | Total Level 3 | Total NAV (practical expedient)(a) | Total | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Corporate stock, common | ||||||||||||||||||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||
Debt | ||||||||||||||||||||||||||||||||
Collective trusts: | ||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||
Debt | ||||||||||||||||||||||||||||||||
Limited partnerships | ||||||||||||||||||||||||||||||||
Bonds, corporate | ||||||||||||||||||||||||||||||||
Bonds, government | ||||||||||||||||||||||||||||||||
Bonds, other | ||||||||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
(millions) | Annuity Contract | |||||||
December 28, 2019 | $ | |||||||
Purchases | ||||||||
Realized and unrealized gain | ||||||||
Currency translation | ||||||||
January 2, 2021 | $ |
(millions) | 2020 | 2019 | ||||||||||||
Change in accumulated benefit obligation | ||||||||||||||
Beginning of year | $ | $ | ||||||||||||
Service cost | ||||||||||||||
Interest cost | ||||||||||||||
Actuarial (gain) loss | ||||||||||||||
Benefits paid | ( | ( | ||||||||||||
Curtailments | ( | |||||||||||||
Foreign currency adjustments | ||||||||||||||
End of year | $ | $ | ||||||||||||
Change in plan assets | ||||||||||||||
Fair value beginning of year | $ | $ | ||||||||||||
Actual return on plan assets | ||||||||||||||
Employer contributions | ||||||||||||||
Benefits paid | ( | ( | ||||||||||||
Fair value end of year | $ | $ | ||||||||||||
Funded status | $ | $ | ||||||||||||
Amounts recognized in the Consolidated Balance Sheet consist of | ||||||||||||||
Other non-current assets | $ | $ | ||||||||||||
Other current liabilities | ( | ( | ||||||||||||
Other liabilities | ( | ( | ||||||||||||
Net amount recognized | $ | $ | ||||||||||||
Amounts recognized in accumulated other comprehensive income consist of | ||||||||||||||
Prior service credit | ( | ( | ||||||||||||
Net amount recognized | $ | ( | $ | ( |
(millions) | 2020 | 2019 | ||||||||||||
Accumulated benefit obligation | $ | $ | ||||||||||||
Fair value of plan assets | $ | $ |
(millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Service cost | $ | $ | $ | |||||||||||||||||
Interest cost | ||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | |||||||||||||||||
Amortization of unrecognized prior service credit | ( | ( | ( | |||||||||||||||||
Recognized net (gain) loss | ( | ( | ||||||||||||||||||
Net periodic benefit cost | ( | ( | ||||||||||||||||||
Curtailment | ( | |||||||||||||||||||
Postretirement benefit expense: | ||||||||||||||||||||
Defined benefit plans | ( | ( | ||||||||||||||||||
Defined contribution plans | ||||||||||||||||||||
Total | $ | ( | $ | ( | $ |
2020 | 2019 | 2018 | ||||||||||||||||||
Discount rate | % | % | % |
2020 | 2019 | 2018 | ||||||||||||||||||
Discount rate | % | % | % | |||||||||||||||||
Long-term rate of return on plan assets | % | % | % |
(millions) | Total Level 1 | Total Level 2 | Total Level 3 | Total NAV (practical expedient)(a) | Total | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Corporate stock, common | ||||||||||||||||||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||
Debt | ||||||||||||||||||||||||||||||||
Collective trusts: | ||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||
Limited partnerships | ||||||||||||||||||||||||||||||||
Bonds, corporate | ||||||||||||||||||||||||||||||||
Bonds, government | ||||||||||||||||||||||||||||||||
Bonds, other | ||||||||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
(millions) | Total Level 1 | Total Level 2 | Total Level 3 | Total NAV (practical expedient)(a) | Total | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Corporate stock, common | ||||||||||||||||||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||
Debt | ||||||||||||||||||||||||||||||||
Collective trusts: | ||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||
Limited partnerships | ||||||||||||||||||||||||||||||||
Bonds, corporate | ||||||||||||||||||||||||||||||||
Bonds, government | ||||||||||||||||||||||||||||||||
Bonds, other | ||||||||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
(millions) | 2020 | 2019 | ||||||||||||
Change in accumulated benefit obligation | ||||||||||||||
Beginning of year | $ | $ | ||||||||||||
Service cost | ||||||||||||||
Interest cost | ||||||||||||||
Actuarial (gain)loss | ||||||||||||||
Benefits paid | ( | ( | ||||||||||||
End of year | $ | $ | ||||||||||||
Funded status | $ | ( | $ | ( | ||||||||||
Amounts recognized in the Consolidated Balance Sheet consist of | ||||||||||||||
Other current liabilities | $ | ( | $ | ( | ||||||||||
Other liabilities | ( | ( | ||||||||||||
Net amount recognized | $ | ( | $ | ( | ||||||||||
Amounts recognized in accumulated other comprehensive income consist of | ||||||||||||||
Net prior service cost | $ | $ | ||||||||||||
Net experience gain | ( | ( | ||||||||||||
Net amount recognized | $ | ( | $ | ( |
(millions) | 2020 | 2019 | 2017 | |||||||||||||||||
Service cost | $ | $ | $ | |||||||||||||||||
Interest cost | ||||||||||||||||||||
Amortization of unrecognized prior service cost | ||||||||||||||||||||
Recognized net loss | ( | ( | ( | |||||||||||||||||
Net periodic benefit cost | $ | $ | $ | |||||||||||||||||
Settlement cost | ( | ( | ||||||||||||||||||
Postemployment benefit expense | $ | $ | ( | $ |
(millions) | Postretirement | Postemployment | ||||||||||||
2021 | $ | $ | ||||||||||||
2022 | ||||||||||||||
2023 | ||||||||||||||
2024 | ||||||||||||||
2025 | ||||||||||||||
2026-2029 |
PPA Zone Status | Contributions (millions) | ||||||||||||||||||||||||||||
Pension trust fund | EIN/PN | 2020 | 2019 | FIP/RP Status | 2020 | 2019 | 2018 | Surcharge Imposed | Expiration Date of CBA | ||||||||||||||||||||
Bakery and Confectionery Union and Industry International Pension Fund (a) | 52-6118572 / 001 | Red - 12/31/2020 | Red - 12/31/2019 | $ | $ | $ | 2/20/2021 to 4 /16/2021 (b) | ||||||||||||||||||||||
Central States, Southeast and Southwest Areas Pension Fund | 36-6044243 / 001 | Red - 12/31/2020 | Red - 12/31/2019 | (c) | |||||||||||||||||||||||||
Western Conference of Teamsters Pension Trust | 91-6145047 / 001 | Green - 12/31/2020 | Green - 12/31/2019 | 3/26/2022 (d) | |||||||||||||||||||||||||
Other Plans | (e) | ||||||||||||||||||||||||||||
Total contributions: | $ | $ | $ |
(millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Income before income taxes | ||||||||||||||||||||
United States | $ | $ | $ | |||||||||||||||||
Foreign | ||||||||||||||||||||
Income taxes | ||||||||||||||||||||
Currently payable | ||||||||||||||||||||
Federal | ||||||||||||||||||||
State | ||||||||||||||||||||
Foreign | ||||||||||||||||||||
Deferred | ||||||||||||||||||||
Federal | ( | |||||||||||||||||||
State | ( | ( | ||||||||||||||||||
Foreign | ( | |||||||||||||||||||
( | ||||||||||||||||||||
Total income taxes | $ | $ | $ |
2020 | 2019 | 2018 | ||||||||||||||||||
U.S. statutory income tax rate | % | % | % | |||||||||||||||||
Foreign rates varying from U.S. statutory rate | ( | ( | ( | |||||||||||||||||
Excess tax benefits on share-based compensation | ( | |||||||||||||||||||
State income taxes, net of federal benefit | ||||||||||||||||||||
Cost (benefit) of remitted and unremitted foreign earnings | ||||||||||||||||||||
Legal entity restructuring, deferred tax impact | ( | |||||||||||||||||||
Discretionary pension contributions | ( | |||||||||||||||||||
Revaluation of investment in foreign subsidiary | ||||||||||||||||||||
Net change in valuation allowance | ( | |||||||||||||||||||
Statutory rate changes, deferred tax impact | ||||||||||||||||||||
U.S. deemed repatriation tax | ( | ( | ||||||||||||||||||
Divestiture | ||||||||||||||||||||
Out-of-period adjustment | ||||||||||||||||||||
Other | ( | ( | ( | |||||||||||||||||
Effective income tax rate | % | % | % |
Deferred tax assets | Deferred tax liabilities | |||||||||||||||||||||||||
(millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
U.S. state income taxes | $ | $ | $ | $ | ||||||||||||||||||||||
Advertising and promotion-related | — | — | ||||||||||||||||||||||||
Wages and payroll taxes | — | — | ||||||||||||||||||||||||
Inventory valuation | — | — | ||||||||||||||||||||||||
Employee benefits | — | — | ||||||||||||||||||||||||
Operating loss, credit and other carryforwards | — | — | ||||||||||||||||||||||||
Hedging transactions | ||||||||||||||||||||||||||
Depreciation and asset disposals | — | — | ||||||||||||||||||||||||
Operating lease right-of-use assets | — | — | ||||||||||||||||||||||||
Operating lease liabilities | — | — | ||||||||||||||||||||||||
Trademarks and other intangibles | — | — | ||||||||||||||||||||||||
Deferred compensation | — | — | ||||||||||||||||||||||||
Stock options | — | — | ||||||||||||||||||||||||
Other | — | — | ||||||||||||||||||||||||
Less valuation allowance | ( | ( | — | — | ||||||||||||||||||||||
Total deferred taxes | $ | $ | $ | $ | ||||||||||||||||||||||
Net deferred tax asset (liability) | $ | ( | $ | ( | ||||||||||||||||||||||
Classified in balance sheet as: | ||||||||||||||||||||||||||
Other assets | $ | $ | ||||||||||||||||||||||||
Other liabilities | ( | ( | ||||||||||||||||||||||||
Net deferred tax asset (liability) | $ | ( | $ | ( |
(millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Balance at beginning of year | $ | $ | $ | |||||||||||||||||
Additions charged to income tax expense (b) | ||||||||||||||||||||
Reductions credited to income tax expense (a) | ( | ( | ( | |||||||||||||||||
Currency translation adjustments | ( | |||||||||||||||||||
Balance at end of year | $ | $ | $ |
(millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Balance at beginning of year | $ | $ | $ | |||||||||||||||||
Tax positions related to current year: | ||||||||||||||||||||
Additions (a) | ||||||||||||||||||||
Tax positions related to prior years: | ||||||||||||||||||||
Additions | ||||||||||||||||||||
Reductions (b) | ( | ( | ( | |||||||||||||||||
Settlements | ( | ( | ( | |||||||||||||||||
Lapses in statutes of limitation | ( | ( | ( | |||||||||||||||||
Balance at end of year | $ | $ | $ |
(millions) | 2020 | 2019 | ||||||||||||
Foreign currency exchange contracts | $ | $ | ||||||||||||
Cross-currency contracts | ||||||||||||||
Interest rate contracts | ||||||||||||||
Commodity contracts | ||||||||||||||
Total | $ | $ |
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
(millions) | Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Cross currency contracts: | ||||||||||||||||||||||||||||||||||||||
Other current assets | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Other Assets | ||||||||||||||||||||||||||||||||||||||
Interest rate contracts (a): | ||||||||||||||||||||||||||||||||||||||
Other current assets | ||||||||||||||||||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Cross currency contracts: | ||||||||||||||||||||||||||||||||||||||
Other current liabilities | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||
Other liabilities | ( | ( | ||||||||||||||||||||||||||||||||||||
Interest rate contracts (a): | ||||||||||||||||||||||||||||||||||||||
Other current liabilities | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Other liabilities | ||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | $ | ( | $ | ( | $ | $ | ( | $ | ( |
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
(millions) | Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts: | ||||||||||||||||||||||||||||||||||||||
Other current assets | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||||||||||||||||
Other current assets | ||||||||||||||||||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||||||||||||
Other current assets | ||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts: | ||||||||||||||||||||||||||||||||||||||
Other current liabilities | $ | $ | ( | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||
Other liabilities | ( | ( | ||||||||||||||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||||||||||||||||
Other current liabilities | ( | ( | ||||||||||||||||||||||||||||||||||||
Other liabilities | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||||||||||||
Other current liabilities | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Total liabilities | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
(millions) | Line Item in the Consolidated Balance Sheet in which the hedged item is included | Carrying amount of the hedged liabilities | Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities (a) | |||||||||||||||||||||||
January 2, 2021 | December 28, 2019 | January 2, 2021 | December 28, 2019 | |||||||||||||||||||||||
Interest rate contracts | Current maturities of long-term debt | $ | $ | $ | $ | |||||||||||||||||||||
Interest rate contracts | Long-term debt | $ | $ | $ | $ |
As of January 2, 2021 | ||||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | ||||||||||||||||||||||||||
Amounts Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received/ Posted | Net Amount | |||||||||||||||||||||||
Total asset derivatives | $ | $ | ( | $ | $ | |||||||||||||||||||||
Total liability derivatives | $ | ( | $ | $ | $ | ( |
As of December 28, 2019 | ||||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | ||||||||||||||||||||||||||
Amounts Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received/ Posted | Net Amount | |||||||||||||||||||||||
Total asset derivatives | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||
Total liability derivatives | $ | ( | $ | $ | $ | ( |
(millions) | Gain (loss) recognized in AOCI | Gain (loss) excluded from assessment of hedge effectiveness | Location of gain (loss) in income of excluded component | |||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Foreign currency denominated long-term debt | $ | ( | $ | $ | $ | |||||||||||||||||||||
Cross-currency contracts | ( | Interest expense | ||||||||||||||||||||||||
Total | $ | ( | $ | $ | $ |
Derivatives not designated as hedging instruments | ||||||||||||||||||||
(millions) | Location of gain (loss) recognized in income | Gain (loss) recognized in income | ||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Foreign currency exchange contracts | COGS | $ | $ | ( | ||||||||||||||||
Foreign currency exchange contracts | SGA | ( | ( | |||||||||||||||||
Foreign currency exchange contracts | OIE | ( | ( | |||||||||||||||||
Interest rate contracts | Interest expense | |||||||||||||||||||
Commodity contracts | COGS | |||||||||||||||||||
Total | $ | $ | ( |
January 2, 2021 | December 28, 2019 | ||||||||||||||||
(millions) | Interest Expense | Interest Expense | |||||||||||||||
Total amounts of income and expense line items presented in the Consolidated Income Statement in which the effects of fair value or cash flow hedges are recorded | $ | $ | |||||||||||||||
Gain (loss) on fair value hedging relationships: | |||||||||||||||||
Interest contracts: | |||||||||||||||||
Hedged items | ( | ( | |||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||
Gain (loss) on cash flow hedging relationships: | |||||||||||||||||
Interest contracts: | |||||||||||||||||
Amount of gain (loss) reclassified from AOCI into income | ( | ( | |||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
(millions) | Cost | Unrealized Gain (Loss) | Market Value | Cost | Unrealized Gain/(Loss) | Market Value | ||||||||||||||||||||||||||||||||
Corporate Bonds | $ | $ | $ | $ | $ | $ |
Net sales | Gross profit | |||||||||||||
(millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||
First | $ | $ | $ | $ | ||||||||||
Second | ||||||||||||||
Third | ||||||||||||||
Fourth | ||||||||||||||
$ | $ | $ | $ |
Net income (loss) attributable to Kellogg Company | Per share amounts | |||||||||||||||||||
(millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||
Basic | Diluted | Basic | Diluted | |||||||||||||||||
First | $ | $ | $ | $ | $ | $ | ||||||||||||||
Second | ||||||||||||||||||||
Third | ||||||||||||||||||||
Fourth | ||||||||||||||||||||
$ | $ |
Quarter | 2020 | 2019 | ||||||
First | $ | $ | ||||||
Second | ||||||||
Third | ||||||||
Fourth | ||||||||
$ | $ |
2020 | |||||||||||||||||
(millions) | First | Second | Third | Fourth | Full Year | ||||||||||||
Operating profit | |||||||||||||||||
Restructuring and cost reduction charges | $ | ( | $ | ( | $ | $ | ( | $ | ( | ||||||||
Gains / (losses) on mark-to-market adjustments | ( | ( | ( | ||||||||||||||
Other income (expense) | |||||||||||||||||
Restructuring and cost reduction charges | $ | $ | $ | $ | $ | ||||||||||||
Gains / (losses) on mark-to-market adjustments | ( | ( | ( | ( | $ | ( | |||||||||||
2019 | |||||||||||||||||
(millions) | First | Second | Third | Fourth | Full Year | ||||||||||||
Operating profit | |||||||||||||||||
Restructuring and cost reduction charges | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||
Gains / (losses) on mark-to-market adjustments | ( | ( | ( | ||||||||||||||
Other income (expense) | |||||||||||||||||
Restructuring and cost reduction charges | $ | $ | $ | $ | $ | ||||||||||||
Gains / (losses) on mark-to-market adjustments | ( | ( | $ | ( | |||||||||||||
(millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Net sales | ||||||||||||||||||||
North America | $ | $ | $ | |||||||||||||||||
Europe | ||||||||||||||||||||
Latin America | ||||||||||||||||||||
AMEA | ||||||||||||||||||||
Consolidated | $ | $ | ||||||||||||||||||
Operating profit | ||||||||||||||||||||
North America (a)(b) | $ | $ | $ | |||||||||||||||||
Europe | ||||||||||||||||||||
Latin America | ||||||||||||||||||||
AMEA | ||||||||||||||||||||
Total Reportable Segments | ||||||||||||||||||||
Corporate (b) | ( | ( | ( | |||||||||||||||||
Consolidated | $ | $ | $ | |||||||||||||||||
Depreciation and amortization (c) | ||||||||||||||||||||
North America | $ | $ | $ | |||||||||||||||||
Europe | ||||||||||||||||||||
Latin America | ||||||||||||||||||||
AMEA | ||||||||||||||||||||
Total Reportable Segments | ||||||||||||||||||||
Corporate | ||||||||||||||||||||
Consolidated | $ | $ | $ |
(millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Interest expense | ||||||||||||||||||||
North America | $ | $ | $ | |||||||||||||||||
Europe | ||||||||||||||||||||
Latin America | ||||||||||||||||||||
AMEA | ||||||||||||||||||||
Corporate | ||||||||||||||||||||
Consolidated | $ | $ | $ | |||||||||||||||||
Income taxes | ||||||||||||||||||||
Europe | $ | $ | $ | |||||||||||||||||
Latin America | ||||||||||||||||||||
AMEA | ||||||||||||||||||||
Corporate & North America | ||||||||||||||||||||
Consolidated | $ | $ | $ |
(millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Additions to long-lived assets | ||||||||||||||||||||
North America | $ | $ | $ | |||||||||||||||||
Europe | ||||||||||||||||||||
Latin America | ||||||||||||||||||||
AMEA | ||||||||||||||||||||
Corporate | ||||||||||||||||||||
Consolidated | $ | $ | $ |
(millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Net sales | ||||||||||||||||||||
United States | $ | $ | $ | |||||||||||||||||
All other countries | ||||||||||||||||||||
Consolidated | $ | $ | $ | |||||||||||||||||
Long-lived assets | ||||||||||||||||||||
United States | $ | $ | $ | |||||||||||||||||
All other countries | ||||||||||||||||||||
Consolidated | $ | $ | $ |
(millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Snacks | $ | $ | $ | |||||||||||||||||
Cereal | ||||||||||||||||||||
Frozen | ||||||||||||||||||||
Noodles and other | ||||||||||||||||||||
Consolidated | $ | $ | $ |
Consolidated Statement of Income (millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Research and development expense | $ | $ | $ | |||||||||||||||||
Advertising expense | $ | $ | $ |
Consolidated Balance Sheet (millions) | 2020 | 2019 | ||||||||||||
Trade receivables | $ | $ | ||||||||||||
Allowance for doubtful accounts | ( | ( | ||||||||||||
Refundable income taxes | ||||||||||||||
Other receivables | ||||||||||||||
Accounts receivable, net | $ | $ | ||||||||||||
Raw materials, spare parts, and supplies | $ | $ | ||||||||||||
Finished goods and materials in process | ||||||||||||||
Inventories | $ | $ | ||||||||||||
Land | $ | $ | ||||||||||||
Buildings | ||||||||||||||
Machinery and equipment | ||||||||||||||
Capitalized software | ||||||||||||||
Construction in progress | ||||||||||||||
Accumulated depreciation | ( | ( | ||||||||||||
Property, net | $ | $ | ||||||||||||
Other intangibles | $ | $ | ||||||||||||
Accumulated amortization | ( | ( | ||||||||||||
Other intangibles, net | $ | $ | ||||||||||||
Pension | $ | $ | ||||||||||||
Deferred income taxes | ||||||||||||||
Nonpension post retirement benefits | ||||||||||||||
Other | ||||||||||||||
Other assets | $ | $ | ||||||||||||
Accrued income taxes | $ | $ | ||||||||||||
Accrued salaries and wages | ||||||||||||||
Other | ||||||||||||||
Other current liabilities | $ | $ | ||||||||||||
Income taxes payable | $ | $ | ||||||||||||
Nonpension postretirement benefits | ||||||||||||||
Other | ||||||||||||||
Other liabilities | $ | $ |
Allowance for doubtful accounts (millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Balance at beginning of year | $ | $ | $ | |||||||||||||||||
Additions charged to expense | ||||||||||||||||||||
Doubtful accounts charged to reserve | ( | ( | ( | |||||||||||||||||
Balance at end of year | $ | $ | $ |
EQUITY COMPENSATION PLAN INFORMATION | |||||||||||||||||||||||
(millions, except per share data) | |||||||||||||||||||||||
Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights as of January 2, 2021 (a) | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights as of January 2, 2021 ($)(b) | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding Securities Reflected in Column (a)) as of January 2, 2021 (c)(1) | ||||||||||||||||||||
Equity compensation plans approved by security holders | 15.5 | (2) | 65 | 17.2 | (3) | ||||||||||||||||||
Equity compensation plans not approved by security holders | 0 | NA | 0.3 | ||||||||||||||||||||
Total | 15.5 | 65 | 17.5 |
Exhibit No. | Description | Electronic(E), Paper(P) or Incorp. By Ref.(IBRF) | ||||||||||||||||||
Amended Restated Certificate of Incorporation of Kellogg Company, incorporated by reference to Exhibit 4.1 to our Registration Statement on Form S-8, file number 333-56536. | IBRF | |||||||||||||||||||
Bylaws of Kellogg Company, as amended, incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K dated December 15, 2017, Commission file number 1-4171. | IBRF | |||||||||||||||||||
Indenture, dated March 15, 2001, between Kellogg Company and BNY Midwest Trust Company, including the form of 7.45% Debentures due 2031, incorporated by reference to Exhibit 4.01 to our Quarterly Report on Form 10-Q for the quarter ending March 31, 2001, Commission file number 1-4171. | IBRF | |||||||||||||||||||
Supplemental Indenture, dated March 29, 2001, between Kellogg Company and BNY Midwest Trust Company, including the form of 7.45% Debentures due 2031, incorporated by reference to Exhibit 4.02 to our Quarterly Report on Form 10-Q for the quarter ending March 31, 2001, Commission file number 1-4171. | IBRF | |||||||||||||||||||
Indenture, dated as of May 21, 2009, between Kellogg Company and The Bank of New York Mellon Trust Company, N.A., incorporated by reference to Exhibit 4.1 to our Registration Statement on Form S-3, Commission file number 333-209699. | IBRF | |||||||||||||||||||
Officers’ Certificate of Kellogg Company (with form of Kellogg Company 4.000% Senior Note Due 2020), incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K dated December 8, 2010, Commission file number 1-4171. | IBRF | |||||||||||||||||||
Officers’ Certificate of Kellogg Company (with form of 1.125% Senior Note due 2015, 1.750% Senior Note due 2017 and 3.125% Senior Note due 2022), incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K dated May 17, 2012, Commission file number 1-4171. | IBRF | |||||||||||||||||||
Officer’s Certificate of Kellogg Company (with form of Floating Rate Senior Notes due 2015 and 2.750% Senior Notes due 2023), incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K dated February 14, 2013, Commission file number 1-4171. | IBRF | |||||||||||||||||||
Officer’s Certificate of Kellogg Company (with form of 1.250% Senior Notes due 2025), incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K dated March 9, 2015, Commission file number 1-4171. | IBRF |
Exhibit No. | Description | Electronic(E), Paper(P) or Incorp. By Ref.(IBRF) | ||||||||||||||||||
Officers’ Certificate of Kellogg Company (with form of 3.250% Senior Notes due 2026 and 4.500% Senior Debentures due 2046), incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K dated March 7, 2016, Commission file number 1-4171. | IBRF | |||||||||||||||||||
Officers’ Certificate of Kellogg Company (with form of 1.000% Senior Notes due 2024), incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K dated May 19, 2016, Commission file number 1-4171. | IBRF | |||||||||||||||||||
Officers’ Certificate of Kellogg Company (with form of 2.650% Senior Notes due 2023), incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K dated November 15, 2016, Commission file number 1-4171. | IBRF | |||||||||||||||||||
Officers’ Certificate of Kellogg Company (with form of 0.800% Senior Notes due 2022), incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K dated May 17, 2017, Commission file number 1-4171. | IBRF | |||||||||||||||||||
Officers’ Certificate of Kellogg Company (with form of 3.400% Senior Notes due 2027), incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K dated November 13, 2017, Commission file number 1-4171. | IBRF | |||||||||||||||||||
Officers’ Certificate of Kellogg Company (with form of 3.250% Senior Notes due 2021 and form of 4.300% Senior Notes due 2028), incorporated by reference to Exhibit 4.1 of our Current Report on Form 8-K dated May 15, 2018, Commission file number 1-4171. | IBRF | |||||||||||||||||||
Officers’ Certificate of Kellogg Company (with form of 1.750% Senior Note due 2021), incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K dated May 23, 2014, Commission file number 1-4171. | IBRF | |||||||||||||||||||
Description of Equity Securities | E | |||||||||||||||||||
Description of Debt Securities | E | |||||||||||||||||||
364-Day Credit Agreement dated as of January 28, 2020 with JPMorgan Chase Bank, N.A., as Administrative Agent, Barclays Bank PLC, as Syndication Agent, and JPMorgan Chase Bank, N.A., Barclays Bank PLC, BofA Securities, Inc., Citibank, N.A., Coöperatieve Rabobank U.A., New York Branch, Morgan Stanley MUFG Loan Partners, LLC and Wells Fargo Securities, LLC, as Joint Lead Arrangers and Joint Bookrunners and the lenders named therein, incorporated by reference to Exhibit 4.1 of our Current Report on Form 8-K dated January 30, 2020, Commission file number 1-4171. | IBRF | |||||||||||||||||||
Exhibit No. | Description | Electronic(E), Paper(P) or Incorp. By Ref.(IBRF) | ||||||||||||||||||
Officers’ Certificate of Kellogg Company (with form of 2.100% Senior Notes due 2030), incorporated by reference to Exhibit 4.1 of our Current Report on Form 8-K dated June 1, 2020, Commission file number 1-4171. | IBRF | |||||||||||||||||||
Kellogg Company Supplemental Savings and Investment Plan, as amended and restated as of January 1, 2003, incorporated by reference to Exhibit 10.03 to our Annual Report on Form 10-K for the fiscal year ended December 28, 2002, Commission file number 1-4171.* | IBRF | |||||||||||||||||||
Kellogg Company Key Employee Long Term Incentive Plan, incorporated by reference to Exhibit 10.07 to our Annual Report on Form 10-K for the fiscal year ended December 29, 2007, Commission file number 1-4171.* | IBRF | |||||||||||||||||||
Kellogg Company 2000 Non-Employee Director Stock Plan, incorporated by reference to Exhibit 10.10 to our Annual Report on Form 10-K for the fiscal year ended December 29, 2007, Commission file number 1-4171.* | IBRF | |||||||||||||||||||
Agreement between us and other executives, incorporated by reference to Exhibit 10.05 of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2000, Commission file number 1-4171.* | IBRF | |||||||||||||||||||
Kellogg Company 2002 Employee Stock Purchase Plan, as amended and restated as of July 1, 2020, incorporated by reference to Exhibit 10.1 to our Registration Statement on Form S-8, file number 333-239564.* | IBRF | |||||||||||||||||||
Kellogg Company 1993 Employee Stock Ownership Plan, incorporated by reference to Exhibit 10.23 to our Annual Report on Form 10-K for the fiscal year ended December 29, 2007, Commission file number 1-4171.* | IBRF | |||||||||||||||||||
Kellogg Company 2003 Long-Term Incentive Plan, as amended and restated as of December 8, 2006, incorporated by reference to Exhibit 10 to our Annual Report on Form 10-K for the fiscal year ended December 30, 2006, Commission file number 1-4171.* | IBRF | |||||||||||||||||||
Kellogg Company Severance Plan, incorporated by reference to Exhibit 10.25 of our Annual Report on Form 10-K for the fiscal year ended December 28, 2002, Commission file number 1-4171.* | IBRF | |||||||||||||||||||
First Amendment to the Key Executive Benefits Plan, incorporated by reference to Exhibit 10.39 of our Annual Report in Form 10-K for our fiscal year ended January 1, 2005, Commission file number 1-4171.* | IBRF |
Exhibit No. | Description | Electronic(E), Paper(P) or Incorp. By Ref.(IBRF) | ||||||||||||||||||
Executive Survivor Income Plan, incorporated by reference to Exhibit 10.42 of our Annual Report in Form 10-K for our fiscal year ended December 31, 2005, Commission file number 1-4171.* | IBRF | |||||||||||||||||||
Form of Amendment to Form of Agreement between us and certain executives, incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K dated December 18, 2008, Commission file number 1-4171.* | IBRF | |||||||||||||||||||
Kellogg Company 2009 Long-Term Incentive Plan, incorporated by reference to Exhibit 10.1 to our Registration Statement on Form S-8 dated April 27, 2009, Commission file number 333-158824.* | IBRF | |||||||||||||||||||
Kellogg Company 2009 Non-Employee Director Stock Plan, incorporated by reference to Exhibit 10.1 to our Registration Statement on Form S-8 dated April 27, 2009, Commission file number 333-158826.* | IBRF | |||||||||||||||||||
Form of Option Terms and Conditions under 2009 Long-Term Incentive Plan, incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K dated February 25, 2011, Commission file number 1-4171. | IBRF | |||||||||||||||||||
Letter Agreement between us and Gary Pilnick, dated May 20, 2008, incorporated by reference to Exhibit 10.54 to our Annual Report on Form 10-K for the fiscal year ended January 1, 2011, commission file number 1-4171.* | IBRF | |||||||||||||||||||
Form of Option Terms and Conditions, incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K dated February 23, 2012, Commission file number 1-4171.* | IBRF | |||||||||||||||||||
Kellogg Company 2013 Long-Term Incentive Plan, incorporated by reference to Exhibit 10.1 to our Registration Statement on Form S-8, file number 333-188222.* | IBRF | |||||||||||||||||||
Kellogg Company Pringles Savings and Investment Plan, incorporated by reference to Exhibit 4.3 to our Registration Statement on Form S-8, file number 333-189638.* | IBRF | |||||||||||||||||||
Amendment Number 1 to the Kellogg Company Pringles Savings and Investment Plan, incorporated by reference to Exhibit 4.4 to our Registration Statement on Form S-8, file number 333-189638.* | IBRF | |||||||||||||||||||
Kellogg Company Deferred Compensation Plan for Non-Employee Directors, incorporated by reference to Exhibit 10.49 to our Annual Report on Form 10-K dated February 24, 2014, Commission file number 1-4171.* | IBRF | |||||||||||||||||||
Kellogg Company Executive Compensation Deferral Plan, incorporated by reference to Exhibit 10.50 to our Annual Report on Form 10-K dated February 24, 2014, Commission file number 1-4171.* | IBRF |
Exhibit No. | Description | Electronic(E), Paper(P) or Incorp. By Ref.(IBRF) | ||||||||||||||||||
Kellogg Company Change of Control Severance Policy for Key Executives, incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K dated December 11, 2014.* | IBRF | |||||||||||||||||||
Form of Option Terms and Conditions, incorporated by reference to Exhibit 10.2 of our Current Report on Form 8-K dated February 24, 2015, Commission file number 1-4171.* | IBRF | |||||||||||||||||||
Form of Option Terms and Conditions, incorporated by reference to Exhibit 10.2 of our Current Report on Form 8-K dated February 23, 2016, Commission file number 1-4171.* | IBRF | |||||||||||||||||||
2017-2019 Executive Performance Plan, incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K dated February 24, 2017, Commission file number 1-4171.* | IBRF | |||||||||||||||||||
Form of Restricted Stock Unit Terms and Conditions, incorporated by reference to Exhibit 10.2 of our Current Report on Form 8-K dated February 24, 2017, Commission file number 1-4171.* | IBRF | |||||||||||||||||||
Kellogg Company 2017 Long-Term Incentive Plan, incorporated by reference to Exhibit 10.1 to our Registration Statement on Form S-8, file number 333-217769.* | IBRF | |||||||||||||||||||
Letter agreement with Steve Cahillane, dated September 22, 2017, incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K dated September 28, 2017, Commission file number 1-4171.* | IBRF | |||||||||||||||||||
Letter agreement with John Bryant, dated September 22, 2017, incorporated by reference to Exhibit 10.2 of our Current Report on Form 8-K dated September 28, 2017, Commission file number 1-4171.* | IBRF | |||||||||||||||||||
Five-Year Credit Agreement dated as of January 30, 2018 with JPMorgan Chase Bank, N.A., as Administrative Agent, Barclays Bank PLC, as Syndication Agent, Bank of America, N.A., Citibank, N.A., Cooperatieve Rabobank U.A., New York Branch, Morgan Stanley MUFG Loan Partners, LLC and Wells Fargo Bank, National Association, as Documentation Agents, JPMorgan Chase Bank, N.A., Barclays Bank PLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Cooperatieve Rabobank U.A., New York Branch, Morgan Stanley MUFG Loan Partners, LLC and Wells Fargo Securities, LLC, as Joint Lead Arrangers and Joint Bookrunners and the lenders named therein, incorporated by reference to Exhibit 4.1 of our Current Report on Form 8-K dated February 1, 2018, Commission file number 1-4171. | IBRF | |||||||||||||||||||
Letter Agreement with Paul Norman, dated February 16, 2018, incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K dated February 16, 2018, Commission file number 1-4171.* | IBRF | |||||||||||||||||||
Exhibit No. | Description | Electronic(E), Paper(P) or Incorp. By Ref.(IBRF) | ||||||||||||||||||
2018-2020 Executive Performance Plan, incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K dated February 22, 2018, Commission file number 1-4171.* | IBRF | |||||||||||||||||||
Form of Restricted Stock Unit Terms and Conditions, incorporated by reference to Exhibit 10.2 of our Current Report on Form 8-K dated February 22, 2018, Commission File number 1-4171.* | IBRF | |||||||||||||||||||
Form of Option Terms and Conditions, incorporated by reference to Exhibit 10.3 of our Current Report on Form 8-K dated February 22, 2018, Commission file number 4-4171.* | IBRF | |||||||||||||||||||
Amendment to the Kellogg Company 2017 Long-Term Incentive Plan, incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K dated June 11, 2018, Commission file number 1-4171.* | IBRF | |||||||||||||||||||
364-Day Credit Agreement dated as of January 29, 2019 with JPMorgan Chase Bank, N.A., as Administrative Agent, Barclays Bank PLC, as Syndication Agent, and JPMorgan Chase Bank, N.A. Barclays Bank PLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Coöperatieve Rabobank U.A., New York Branch, Morgan Stanley MUFG Loan Partners, LLC and Wells Fargo Securities, LLC, as Joint Lead Arrangers and Joint Bookrunners and the lenders named therein, incorporated by reference to Exhibit 4.1 of our Current Report on Form 8-K dated February 4, 2019, Commission file number 1-4171. | IBRF | |||||||||||||||||||
2019-2021 Executive Performance Plan, incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K dated February 26, 2019, Commission file number 1-4171. | IBRF | |||||||||||||||||||
Form of Restricted Stock Unit Terms and Conditions, incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K dated February 26, 2019, Commission file number 1-4171. | IBRF | |||||||||||||||||||
Form of Option Terms and Conditions, incorporated by reference to our Current Report on Form 8-K dated February 26, 2019, Commission file number 1-4171. | IBRF | |||||||||||||||||||
Agreement with Fareed Khan, dated May 2, 2019, incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, Commission file number 1-4171. | IBRF | |||||||||||||||||||
2020-2022 Executive Performance Plan, incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K dated February 25, 2020, Commission file number 1-4171. | IBRF | |||||||||||||||||||
Form of Restricted Stock Unit Terms and Conditions, incorporated by reference to Exhibit 10.2 of our Current Report on Form 8-K dated February 25, 2020, Commission file number 1-4171. | IBRF | |||||||||||||||||||
Form of Option Terms and Conditions, incorporated by reference to Exhibit 10.3 of our Current Report on Form 8-K dated February 25, 2020, Commission file number 1-4171. | IBRF |
Domestic and Foreign Subsidiaries of Kellogg. | E | |||||||||||||||||||
Consent of Independent Registered Public Accounting Firm. | E | |||||||||||||||||||
Powers of Attorney authorizing Gary H. Pilnick to execute our Annual Report on Form 10-K for the fiscal year ended January 2, 2021, on behalf of the Board of Directors, and each of them. | E | |||||||||||||||||||
Rule 13a-14(a)/15d-14(a) Certification by Steven A. Cahillane. | E | |||||||||||||||||||
Rule 13a-14(a)/15d-14(a) Certification by Amit Banati. | E | |||||||||||||||||||
Section 1350 Certification by Steven A. Cahillane. | E | |||||||||||||||||||
Section 1350 Certification by Amit Banati. | E | |||||||||||||||||||
101.INS | XBRL Instance Document | E | ||||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | E | ||||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | E | ||||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | E | ||||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | E | ||||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | E |
* | A management contract or compensatory plan required to be filed with this Report. |
KELLOGG COMPANY | ||||||||
By: | /s/ Steven A. Cahillane | |||||||
Steven A. Cahillane | ||||||||
Chairman and Chief Executive Officer |
Name | Capacity | Date | ||||||||||||
/s/ Steven A. Cahillane Steven A. Cahillane | Chairman and Chief Executive Officer and Director (Principal Executive Officer) | February 22, 2021 | ||||||||||||
/s/ Amit Banati Amit Banati | Senior Vice President and Chief Financial Officer (Principal Financial Officer) | February 22, 2021 | ||||||||||||
/s/ Kurt Forche Kurt Forche | Vice President and Corporate Controller (Principal Accounting Officer) | February 22, 2021 | ||||||||||||
* Stephanie A. Burns | Director | February 22, 2021 | ||||||||||||
* Carter A. Cast | Director | February 22, 2021 | ||||||||||||
* Richard W. Dreiling | Director | February 22, 2021 | ||||||||||||
* Roderick D. Gillum | Director | February 22, 2021 | ||||||||||||
* Zachary Gund | Director | February 22, 2021 | ||||||||||||
* James M. Jenness | Director | February 22, 2021 | ||||||||||||
* Donald R. Knauss | Director | February 22, 2021 | ||||||||||||
* Mary A. Laschinger | Director | February 22, 2021 | ||||||||||||
* Erica L. Mann | Director | February 22, 2021 | ||||||||||||
* La June Montgomery Tabron | Director | February 22, 2021 | ||||||||||||
* J. Michael Schlotman | Director | February 22, 2021 | ||||||||||||
* Carolyn M. Tastad | Director | February 22, 2021 | ||||||||||||
* By: | /s/ Gary H. Pilnick Gary H. Pilnick | Attorney-in-fact | February 22, 2021 |
Kellogg Company Subsidiaries | State or Other Jurisdiction of Incorporation | ||||
545 LLC | Delaware | ||||
Afical - Industria e Comercio de Alimentos Ltda | Brazil | ||||
Afical Holding LLC | Delaware | ||||
Alimentos Gollek S.A. | Venezuela | ||||
Alimentos Kellogg de Panama SRL | Panama | ||||
Alimentos Kellogg, S.A. | Venezuela | ||||
AQFTM, Inc. | Delaware | ||||
Argkel, Inc. | Delaware | ||||
Austin Quality Foods, Inc. | Delaware | ||||
BDH, Inc. | Delaware | ||||
Bear Naked, Inc. | Delaware | ||||
Bisco Misr* | Egypt | ||||
Canada Holding LLC | Delaware | ||||
Cary Land Corporation | North Carolina | ||||
CC Real Estate Holdings, LLC | Michigan | ||||
Eighteen94 Capital, LLC | Delaware | ||||
Favorite Food Products Limited | United Kingdom | ||||
Gardenburger, LLC | Delaware | ||||
Gollek Argentina S.R.L. | Argentina | ||||
Gollek B.V. | Netherlands | ||||
Gollek Inc. | Delaware | ||||
Gollek Interamericas, S. de R.L. de C.V. | Mexico | ||||
Gollek Servicios, S.C. | Mexico | ||||
Gollek UK Limited | United Kingdom | ||||
Illinois Baking Corporation | Delaware | ||||
Instituto De Nutricion y Salud Kellogg A.C. | Mexico | ||||
Insurgent Brands LLC | Illinois | ||||
K (China) Limited | Delaware | ||||
K Europe Holding Company Limited | United Kingdom | ||||
K India Private Limited | Delaware | ||||
Kashi Company | California | ||||
Kashi Company Pty Ltd | Australia | ||||
Kashi Sales, L.L.C. | Delaware | ||||
KBAR SRL | Barbados | ||||
KECL, LLC | Delaware | ||||
Keebler Company | Delaware | ||||
Keebler Foods Company | Delaware | ||||
Keebler Holding Corp. | Georgia | ||||
Keebler USA, Inc. | Delaware | ||||
Kelarg, Inc. | Delaware | ||||
Kelcone Limited | United Kingdom | ||||
Kelcorn Limited | United Kingdom |
Kellogg Company Subsidiaries | State or Other Jurisdiction of Incorporation | ||||
KELF Limited | United Kingdom | ||||
Kellman, S. de R.L. de C.V. | Mexico | ||||
Kellogg (Aust.) Pty. Ltd. | Australia | ||||
Kellogg (Deutschland) GmbH | Germany | ||||
Kellogg (Japan) G.K. | Japan | ||||
Kellogg (Osterreich) GmbH | Austria | ||||
Kellogg (Schweiz) GmbH | Switzerland | ||||
Kellogg (Thailand) Limited | Thailand | ||||
Kellogg (Thailand) Limited | Delaware | ||||
Kellogg Activation Services Company | Belgium | ||||
Kellogg Argentina S.R.L. | Argentina | ||||
Kellogg Asia Inc. | Delaware | ||||
Kellogg Asia Marketing Inc. | Delaware | ||||
Kellogg Asia Pacific Pte. Ltd. | Singapore | ||||
Kellogg Asia Products Sdn. Bhd. | Malaysia | ||||
Kellogg Australia Holdings Pty. Ltd. | Australia | ||||
Kellogg Belgium Services Company BVBA | Belgium | ||||
Kellogg Brasil Ltda. | Brazil | ||||
Kellogg Brasil, Inc. | Delaware | ||||
Kellogg Business Services Company | Delaware | ||||
Kellogg Canada Inc. | Canada | ||||
Kellogg Caribbean Inc. | Delaware | ||||
Kellogg Caribbean Services Company, Inc. | Puerto Rico | ||||
Kellogg Chile Inc. | Delaware | ||||
Kellogg Company East Africa Limited | Kenya | ||||
Kellogg Company Mexico, S. de R.L. de C.V. | Mexico | ||||
Kellogg Company of Great Britain Limited | United Kingdom | ||||
Kellogg Company of Ireland Limited | Ireland | ||||
Kellogg Company of South Africa (Pty.) Ltd. | Republic of South Africa | ||||
Kellogg Costa Rica S. de R.L. | Costa Rica | ||||
Kellogg de Centro America, S.A. | Guatemala | ||||
Kellogg de Colombia, S.A. | Colombia | ||||
Kellogg de Mexico, S. de R.L. de C.V. | Mexico | ||||
Kellogg de Peru S.R.L. | Peru | ||||
Kellogg Ecuador C. LTDA. | Ecuador | ||||
Kellogg El Salvador, Ltda. de C.V. | El Salvador | ||||
Kellogg España, S.L. | Spain | ||||
Kellogg Europe Company Limited | Bermuda | ||||
Kellogg Europe Finance Limited | Ireland | ||||
Kellogg Europe Services Limited | Ireland | ||||
Kellogg Europe Trading Limited | Ireland | ||||
Kellogg Europe Treasury Services Limited | Ireland | ||||
Kellogg European Logistics Services Company Limited | Ireland | ||||
Kellogg European Services Support SRL | Romania | ||||
Kellogg Fearn, Inc. | Michigan | ||||
Kellogg Funding Company, LLC | Delaware | ||||
Kellogg Group Limited | United Kingdom | ||||
Kellogg Group S.a.r.l. | Luxembourg | ||||
Kellogg Group, LLC | Delaware | ||||
Kellogg Hellas Single Member Limited Liability Company | Greece | ||||
Kellogg Holding Company Limited | Bermuda | ||||
Kellogg Holding, LLC | Delaware | ||||
Kellogg Hong Kong Holding Company Limited | United Kingdom |
Kellogg Company Subsidiaries | State or Other Jurisdiction of Incorporation | ||||
Kellogg Hong Kong Private Limited | Hong Kong | ||||
Kellogg India Private Limited | India | ||||
Kellogg International Holding Company | Delaware | ||||
Kellogg Irish Holding Limited | Ireland | ||||
Kellogg Italia S.p.A. | Delaware | ||||
Kellogg Italia S.p.A. | Italy | ||||
Kellogg Kayco | Cayman Islands | ||||
Kellogg Latin America Holding Company (One) Limited | United Kingdom | ||||
Kellogg Latin America Holding Company (Two) Limited | United Kingdom | ||||
Kellogg Latvia, Inc. | Delaware | ||||
Kellogg Lux I S.ar.l. | Luxembourg | ||||
Kellogg Lux III S. ar L. | Luxembourg | ||||
Kellogg Lux V S.a.r.l. | Luxembourg | ||||
Kellogg Lux VI S.ar.l. | Luxembourg | ||||
Kellogg Management Services (Europe) Limited | United Kingdom | ||||
Kellogg Manchester Limited | United Kingdom | ||||
Kellogg Manufacturing España, S.L. | Spain | ||||
Kellogg Marketing and Sales Company (UK) Limited | United Kingdom | ||||
Kellogg Med Gida Ticaret Limited Sirketi | Turkey | ||||
Kellogg Netherlands Holding B.V. | Netherlands | ||||
Kellogg North America Company | Delaware | ||||
Kellogg Northern Europe GmbH | Germany | ||||
Kellogg Pakistan (Private) Limited | Pakistan | ||||
Kellogg Rus LLC | Russian Federation | ||||
Kellogg Sales Company | Delaware | ||||
Kellogg Services GmbH | Austria | ||||
Kellogg Servicios, S.C. | Mexico | ||||
Kellogg Snacks Financing Limited | Ireland | ||||
Kellogg Snacks Holding Company Europe Limited | Ireland | ||||
Kellogg Superannuation Pty. Ltd. | Australia | ||||
Kellogg Supply Services (Europe) Limited | United Kingdom | ||||
Kellogg Talbot, LLC | Delaware | ||||
Kellogg Transition MA&P L.L.C. | Delaware | ||||
Kellogg Treasury Services Company | Delaware | ||||
Kellogg U.K. Holding Company Limited | United Kingdom | ||||
Kellogg UK Minor Limited | United Kingdom | ||||
Kellogg USA LLC | Michigan | ||||
Kellogg's Produits Alimentaires, S.A.S. | France | ||||
Kelmill Limited | United Kingdom | ||||
Kelpac Limited | United Kingdom | ||||
KJAL Limited | United Kingdom | ||||
Klux A Sarl | Luxembourg | ||||
Klux B Sarl | Luxembourg | ||||
K-One Inc. | Delaware | ||||
KPAR Limited | United Kingdom | ||||
KT International Finance SRL | Barbados | ||||
KT ROA PTE. LTD. | Singapore | ||||
KTRY Limited | Bermuda | ||||
K-Two Inc. | Delaware | ||||
Mass Food International SAE | Egypt | ||||
Mass Food SAE | Egypt | ||||
Mass Trade for Trade and Distribution SAE | Egypt | ||||
McCamly Plaza Hotel Inc. | Delaware |
Kellogg Company Subsidiaries | State or Other Jurisdiction of Incorporation | ||||
Multipro Consumer Products Limited* | Nigeria | ||||
Multipro Private Limited* | Ghana | ||||
Multipro Singapore Pte. Ltd* | Singapore | ||||
Nhong Shim Kellogg Co. Ltd.* | South Korea | ||||
Nikko Industries (Nigeria) Ltd* | Nigeria | ||||
Nordisk Kellogg's ApS | Denmark | ||||
Padua Ltda | Brazil | ||||
Parati Industria e Comercio de Alimentos Ltda | Brazil | ||||
Portable Foods Manufacturing Company Limited | United Kingdom | ||||
Prime Bond Cyprus Holding Company Limited | Cyprus | ||||
Prime Bond Holdings Limited | Cyprus | ||||
Pringles (Shanghai) Food Co. Ltd. | China | ||||
Pringles Australia Pty Ltd | Australia | ||||
Pringles Hong Kong Limited | Hong Kong | ||||
Pringles International Operations Sarl | Switzerland | ||||
Pringles Japan G.K. | Japan | ||||
Pringles LLC | Delaware | ||||
Pringles Manufacturing Company | Delaware | ||||
Pringles Overseas Holdings Sarl | Switzerland | ||||
Pringles S.a r.l. | Luxembourg | ||||
Pronumex, S de R.L. de C.V. | Mexico | ||||
PRUX S.a r.l. | Luxembourg | ||||
Rondo Food Manufacturing S.A.E. | Egypt | ||||
RX Bar UK Limited | United Kingdom | ||||
RXBRANDS Canada ULC | Canada | ||||
Saragusa Frozen Foods Limited | United Kingdom | ||||
Servicios Argkel, S.C. | Mexico | ||||
Shaffer, Clarke & Co., Inc. | Delaware | ||||
Specialty Cereals Pty Limited | Australia | ||||
Specialty Foods L.L.C. | Delaware | ||||
Stretch Fibres (Nigeria) Ltd.* | Nigeria | ||||
Sunshine Biscuits, L.L.C. | Delaware | ||||
The Eggo Company | Delaware | ||||
The Healthy Snack People Pty Limited | Australia | ||||
Trafford Park Insurance Limited | Bermuda | ||||
Uma Investments sp. z o.o. | Poland | ||||
Vita+ Naturprodukte GmbH* | Austria | ||||
Wimble Manufacturing Belgium BVBA | Belgium | ||||
Wimble Services Belgium BVBA | Belgium | ||||
Worthington Foods, Inc. | Ohio | ||||
*Indicates a non-wholly owned subsidiary of the registrant. |
Consolidated Statement of Income Statement - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Income Statement [Abstract] | |||
Net sales | $ 13,770 | $ 13,578 | $ 13,547 |
Cost of goods sold | 9,043 | 9,197 | 8,821 |
Selling, general and administrative expense | 2,966 | 2,980 | 3,020 |
Operating profit | 1,761 | 1,401 | 1,706 |
Interest expense | 281 | 284 | 287 |
Other income (expense), net | 121 | 188 | (90) |
Income before income taxes | 1,601 | 1,305 | 1,329 |
Income taxes | 323 | 321 | 181 |
Earnings (loss) from unconsolidated entities | (14) | (7) | 196 |
Net income | 1,264 | 977 | 1,344 |
Net income (loss) attributable to noncontrolling interests | 13 | 17 | 8 |
Net income attributable to Kellogg Company | $ 1,251 | $ 960 | $ 1,336 |
Basic | $ 3.65 | $ 2.81 | $ 3.85 |
Diluted | $ 3.63 | $ 2.80 | $ 3.83 |
Consolidated Balance Sheet (Parenthetical) Consolidated Balance Sheet - $ / shares |
Jan. 02, 2021 |
Dec. 28, 2019 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.25 | $ 0.25 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Issued | 420,962,092 | 420,829,201 |
Treasury Stock, Shares | 77,071,554 | 79,286,171 |
Statement of Shareholders' Equity (Parenthetical) Statement of Shareholders' Equity - $ / shares |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared per share | $ 2.28 | $ 2.26 | $ 2.20 |
Accounting Policies |
12 Months Ended |
---|---|
Jan. 02, 2021 | |
Accounting Policies [Abstract] | |
Accounting Policies | ACCOUNTING POLICIES Basis of presentation The consolidated financial statements include the accounts of the Kellogg Company, those of the subsidiaries that it controls due to ownership of a majority voting interest (Kellogg or the Company). The Company continually evaluates its involvement with variable interest entities (VIEs) to determine whether it has variable interests and is the primary beneficiary of the VIE. When these criteria are met, the Company is required to consolidate the VIE. The Company’s share of earnings or losses of nonconsolidated affiliates is included in its consolidated operating results using the equity method of accounting when it is able to exercise significant influence over the operating and financial decisions of the affiliate. The Company uses the cost method of accounting if it is not able to exercise significant influence over the operating and financial decisions of the affiliate. Our investments in unconsolidated affiliates are evaluated, at least annually, for indicators of an other-than-temporary impairment. Intercompany balances and transactions are eliminated. The Company’s fiscal year normally ends on the Saturday closest to December 31 and as a result, a 53rd week is added approximately every sixth year. The Company's 2020 fiscal year ended on January 2, 2021 and included a 53rd week. While quarters normally consist of 13-week periods, the fourth quarter of fiscal 2020 included a 14th week. The Company’s 2019 and 2018 fiscal years each contained 52 weeks and ended on December 28, 2019, and December 29, 2018, respectively. Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods reported. Actual results could differ from those estimates. Cash and cash equivalents Highly liquid investments with remaining stated maturities of three months or less when purchased are considered cash equivalents and recorded at cost. Accounts receivable Accounts receivable consists principally of trade receivables, which are recorded at the invoiced amount, net of allowances for doubtful accounts and prompt payment discounts. Trade receivables do not bear interest. The allowance for doubtful accounts represents management’s estimate of the amount of probable credit losses in existing accounts receivable, as determined from a review of past due balances, historical loss information, and an evaluation of customer accounts for potential future losses. Account balances are written off against the allowance when management determines the receivable is uncollectible. For the years ended 2020 and 2019 the Company did not have off-balance sheet credit exposure related to its customers. Please refer to Note 2 for information on sales of accounts receivable. Inventories Inventories are valued at the lower of cost or net realizable value. Cost is determined on an average cost basis. Property The Company’s property consists mainly of plants and equipment used for manufacturing activities. These assets are recorded at cost and depreciated over estimated useful lives using straight-line methods for financial reporting and accelerated methods, where permitted, for tax reporting. Major property categories are depreciated over various periods as follows (in years): manufacturing machinery and equipment 15-30; office equipment 5; computer equipment and capitalized software 3-7; building components 20; building structures 10-50. Cost includes interest associated with significant capital projects. Plant and equipment are reviewed for impairment when conditions indicate that the carrying value may not be recoverable. Such conditions include an extended period of idleness or a plan of disposal. Assets to be disposed of at a future date are depreciated over the remaining period of use. Assets to be sold are written down to realizable value at the time the assets are being actively marketed for sale and a sale is expected to occur within one year. There were no material assets held for sale at the year-end 2020 or 2019. Goodwill and other intangible assets Goodwill and indefinite-lived intangibles are not amortized, but are tested at least annually for impairment of value and whenever events or changes in circumstances indicate the carrying amount of the asset may be impaired. An intangible asset with a finite life is amortized on a straight-line basis over the estimated useful life, which materially approximates the pattern of economic benefit. For the goodwill impairment test, the fair value of the reporting units are estimated based on market multiples. This approach employs market multiples based on either sales or earnings before interest, taxes, depreciation and amortization for companies that are comparable to the Company’s reporting units. In the event the fair value determined using the market multiple approach is close to carrying value, the Company may supplement the fair value determination using discounted cash flows. The assumptions used for the impairment test are consistent with those utilized by a market participant performing similar valuations for the Company’s reporting units. Similarly, impairment testing of other intangible assets requires a comparison of carrying value to fair value of that particular asset. Fair values of non-goodwill intangible assets are based primarily on projections of future cash flows to be generated from that asset. For instance, cash flows related to a particular trademark would be based on a projected royalty stream attributable to branded product sales, discounted at rates consistent with rates used by market participants. These estimates are made using various inputs including historical data, current and anticipated market conditions, management plans, and market comparables. Accounts payable The Company has agreements with third parties to provide accounts payable tracking systems which facilitate participating suppliers’ ability to monitor and, if elected, sell payment obligations from the Company to designated third-party financial institutions. Participating suppliers may, at their sole discretion, make offers to sell one or more payment obligations of the Company prior to their scheduled due dates at a discounted price to participating financial institutions. The Company’s goal is to capture overall supplier savings, in the form of payment terms or vendor funding, and the agreements facilitate the suppliers’ ability to sell payment obligations, while providing them with greater working capital flexibility. The Company has no economic interest in the sale of these suppliers’ receivables and no direct financial relationship with the financial institutions concerning these services. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to sell amounts under the arrangements. However, the Company’s right to offset balances due from suppliers against payment obligations is restricted by the agreements for those payment obligations that have been sold by suppliers. The payment of these obligations by the Company is included in cash used in operating activities in the Consolidated Statement of Cash Flows. As of January 2, 2021, $909 million of the Company’s outstanding payment obligations had been placed in the accounts payable tracking system, and participating suppliers had sold $670 million of those payment obligations to participating financial institutions. As of December 28, 2019, $812 million of the Company’s outstanding payment obligations had been placed in the accounts payable tracking system, and participating suppliers had sold $605 million of those payment obligations to participating financial institutions. Revenue recognition The Company recognizes sales upon delivery of its products to customers. Revenue, which includes shipping and handling charges billed to the customer, is reported net of applicable discounts, returns, allowances, and various government withholding taxes. Methodologies for determining these provisions are dependent on local customer pricing and promotional practices, which range from contractually fixed percentage price reductions to reimbursement based on actual occurrence or performance. Where applicable, future reimbursements are estimated based on a combination of historical patterns and future expectations regarding specific in-market product performance. The Company recognizes revenue from the sale of food products which are sold to retailers through direct sales forces, broker and distributor arrangements. The Company also recognizes revenue from the license of our trademarks granted to third parties who uses these trademarks on their merchandise and revenue from hauling services provided to third parties within certain markets. Revenue from these licenses and hauling services is not material to the Company. Contract balances recognized in the current period that are not the result of current period performance are not material to the Company. The Company also does not incur costs to obtain or fulfill contracts. The Company does not adjust the promised amount of consideration for the effects of significant financing components as the Company expects, at contract inception, that the period between the transfer of a promised good or service to a customer and when the customer pays for that good or service will be one year or less. The Company accounts for shipping and handling activities that occur before the customer has obtained control of a good as fulfillment activities (i.e., an expense) rather than as a promised service. The Company excludes from the measurement of transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer for sales taxes. Performance obligations The Company recognizes revenue when (or as) performance obligations are satisfied by transferring control of the goods to customers. Control is transferred upon delivery of the goods to the customer. The customer is invoiced with payment terms which are commensurate with the customer’s credit profile. Shipping and/or handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs. The Company assesses the goods and services promised in its customers’ purchase orders and identifies a performance obligation for each promise to transfer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, the Company considers all the goods or services promised, whether explicitly stated or implied based on customary business practices. For a purchase order that has more than one performance obligation, the Company allocates the total consideration to each distinct performance obligation on a relative standalone selling price basis. Significant Judgments The Company offers various forms of trade promotions and the methodologies for determining these provisions are dependent on local customer pricing and promotional practices, which range from contractually fixed percentage price reductions to provisions based on actual occurrence or performance. Where applicable, future provisions are estimated based on a combination of historical patterns and future expectations regarding specific in-market product performance. The Company's promotional activities are conducted either through the retail trade or directly with consumers and include activities such as in-store displays and events, feature price discounts, consumer coupons, contests and loyalty programs. The costs of these activities are generally recognized at the time the related revenue is recorded, which normally precedes the actual cash expenditure. The recognition of these costs therefore requires management judgment regarding the volume of promotional offers that will be redeemed by either the retail trade or consumer. These estimates are made using various techniques including historical data on performance of similar promotional programs. Differences between estimated expense and actual redemptions are normally immaterial and recognized as a change in management estimate in a subsequent period. Advertising and promotion The Company expenses production costs of advertising the first time the advertising takes place. Advertising expense is classified in selling, general and administrative (SGA) expense. The Company classifies promotional payments to its customers, the cost of consumer coupons, and other cash redemption offers in net sales. Promotional allowances are estimated using various techniques including historical cash expenditure and redemption experience and patterns. Differences between estimated expense and actual redemptions are normally immaterial and recognized as a change in management estimate in a subsequent period. The liability associated with these promotions are recorded in other current liabilities. The cost of promotional package inserts is recorded in cost of goods sold (COGS). Other types of consumer promotional expenditures are recorded in SGA expense. Research and development The costs of research and development (R&D) are expensed as incurred and are classified in SGA expense. R&D includes expenditures for new product and process innovation, as well as significant technological improvements to existing products and processes. The Company’s R&D expenditures primarily consist of internal salaries, wages, consulting, and supplies attributable to time spent on R&D activities. Other costs include depreciation and maintenance of research facilities and equipment, including assets at manufacturing locations that are temporarily engaged in pilot plant activities. Stock-based compensation The Company uses stock-based compensation, including stock options, restricted stock, restricted stock units, and executive performance shares, to provide long-term performance incentives for its global workforce. The Company classifies pre-tax stock compensation expense in SGA and COGS within its corporate operations. Expense attributable to awards of equity instruments is recorded in capital in excess of par value in the Consolidated Balance Sheet. Certain of the Company’s stock-based compensation plans contain provisions that prorate vesting of awards upon retirement, disability, or death of eligible employees and directors. A stock-based award is considered vested for expense attribution purposes when the employee’s retention of the award is no longer contingent on providing subsequent service. Accordingly, the Company recognizes compensation cost immediately for awards granted to retirement-eligible individuals or over the period from the grant date to the date retirement eligibility is achieved, if less than the stated vesting period. The Company recognizes compensation cost for stock option awards that have a graded vesting schedule on a straight-line basis over the requisite service period for the entire award. Income taxes The Company recognizes uncertain tax positions based on a benefit recognition model. Provided that the tax position is deemed more likely than not of being sustained, the Company recognizes the largest amount of tax benefit that is greater than 50 percent likely of being ultimately realized upon settlement. The tax position is derecognized when it is no longer more likely than not of being sustained. The Company classifies income tax-related interest and penalties as interest expense and SGA expense, respectively, on the Consolidated Statement of Income. The current portion of the Company’s unrecognized tax benefits is presented in the Consolidated Balance Sheet in other current assets and other current liabilities, and the amounts expected to be settled after one year are recorded in other assets and other liabilities. Management monitors the Company’s ability to utilize certain future tax deductions, operating losses and tax credit carryforwards, prior to expiration as well as the reinvestment assertion regarding our undistributed foreign earnings. Changes resulting from management’s assessment will result in impacts to deferred tax assets and the corresponding impacts on the effective income tax rate. Valuation allowances were recorded to reduce deferred tax assets to an amount that will, more likely than not, be realized in the future. Derivative Instruments The fair value of derivative instruments is recorded in other current assets, other assets, other current liabilities or other liabilities. Derivative instruments are classified on the Consolidated Balance Sheet based on the contractual maturity of the instrument or the timing of the underlying cash flows of the instrument for derivatives with contractual maturities beyond one year. Any collateral associated with derivative instruments is classified as other assets or other current liabilities on the Consolidated Balance Sheet depending on whether the counterparty collateral is in an asset or liability position. Margin deposits related to exchange-traded commodities are recorded in accounts receivable, net on the Consolidated Balance Sheet. On the Consolidated Statement of Cash Flows, cash flows associated with derivative instruments are classified according to the nature of the underlying hedged item. Cash flows associated with collateral and margin deposits on exchange-traded commodities are classified as investing cash flows when the collateral account is in an asset position and as financing cash flows when the collateral account is in a liability position. Gains and losses representing either hedge ineffectiveness, hedge components excluded from the assessment of effectiveness, or hedges of translational exposure are recorded in the Consolidated Statement of Income in other income (expense), net (OIE) or interest expense. In the Consolidated Statement of Cash Flows, settlements of cash flow and fair value hedges are classified as an operating activity; settlements of all other derivative instruments, including instruments for which hedge accounting has been discontinued, are classified consistent with the nature of the instrument. Cash flow hedges. Qualifying derivatives are accounted for as cash flow hedges when the hedged item is a forecasted transaction. Gains and losses on these instruments are recorded in other comprehensive income until the underlying transaction is recorded in earnings. When the hedged item is realized, gains or losses are reclassified from accumulated other comprehensive income (loss) (AOCI) to the Consolidated Statement of Income on the same line item as the underlying transaction. Fair value hedges. Qualifying derivatives are accounted for as fair value hedges when the hedged item is a recognized asset, liability, or firm commitment. Gains and losses on these instruments are recorded in earnings, offsetting gains and losses on the hedged item. Net investment hedges. Qualifying derivative and nonderivative financial instruments are accounted for as net investment hedges when the hedged item is a nonfunctional currency investment in a subsidiary. Gains and losses on these instruments are included in foreign currency translation adjustments in AOCI. Derivatives not designated for hedge accounting. Gains and losses on these instruments are recorded in the Consolidated Statement of Income, on the same line item as the underlying hedged item. Foreign currency exchange risk. The Company is exposed to fluctuations in foreign currency cash flows related primarily to third-party purchases, intercompany transactions and when applicable, nonfunctional currency denominated third-party debt. The Company is also exposed to fluctuations in the value of foreign currency investments in subsidiaries and cash flows related to repatriation of these investments. Additionally, the Company is exposed to volatility in the translation of foreign currency denominated earnings to U.S. dollars. Management assesses foreign currency risk based on transactional cash flows and translational volatility and may enter into forward contracts, options, and currency swaps to reduce fluctuations in long or short currency positions. Forward contracts and options are generally less than 18 months duration. For foreign currency cash flow and fair value hedges, the assessment of effectiveness is generally based on changes in spot rates. Changes in time value are reported in OIE. Interest rate risk. The Company is exposed to interest rate volatility with regard to future issuances of fixed rate debt and existing and future issuances of variable rate debt. The Company periodically uses interest rate swaps, including forward-starting swaps, to reduce interest rate volatility and funding costs associated with certain debt issues, and to achieve a desired proportion of variable versus fixed rate debt, based on current and projected market conditions. Fixed-to-variable interest rate swaps are accounted for as fair value hedges and the assessment of effectiveness is based on changes in the fair value of the underlying debt, using incremental borrowing rates currently available on loans with similar terms and maturities. Price risk. The Company is exposed to price fluctuations primarily as a result of anticipated purchases of raw and packaging materials, fuel, and energy. The Company has historically used the combination of long-term contracts with suppliers, and exchange-traded futures and option contracts to reduce price fluctuations in a desired percentage of forecasted raw material purchases over a duration of generally less than 18 months. Pension benefits, nonpension postretirement and postemployment benefits The Company sponsors a number of U.S. and foreign plans to provide pension, health care, and other welfare benefits to retired employees, as well as salary continuance, severance, and long-term disability to former or inactive employees. The recognition of benefit expense is based on actuarial assumptions, such as discount rate, long-term rate of compensation increase, and long-term rate of return on plan assets and health care cost trend rate. Service cost is reported in COGS and SGA expense on the Consolidated Statement of Income. All other components of net periodic pension cost are included in OIE. Postemployment benefits. The Company recognizes an obligation for postemployment benefit plans that vest or accumulate with service. Obligations associated with the Company’s postemployment benefit plans, which are unfunded, are included in other current liabilities and other liabilities on the Consolidated Balance Sheet. All gains and losses are recognized over the average remaining service period of active plan participants. Postemployment benefits that do not vest or accumulate with service or benefits to employees in excess of those specified in the respective plans are expensed as incurred. Pension and nonpension postretirement benefits. The Company recognizes actuarial gains and losses in operating results in the year in which they occur. Experience gains and losses are recognized annually as of the measurement date, which is the Company’s fiscal year-end, or when remeasurement is otherwise required under generally accepted accounting principles. The Company uses the fair value of plan assets to calculate the expected return on plan assets. Reportable segments are allocated service cost. All other components of pension and postretirement benefit expense, including interest cost, expected return on assets, prior service cost, and experience gains and losses are considered unallocated corporate costs and are not included in the measure of reportable segment operating results. See Note 17 for more information on reportable segments. Management reviews the Company’s expected long-term rates of return annually; however, the benefit trust investment performance for one particular year does not, by itself, significantly influence this evaluation. The expected rates of return are generally not revised provided these rates fall between the 25th and 75th percentile of expected long-term returns, as determined by the Company’s modeling process. For defined benefit pension and postretirement plans, the Company records the net overfunded or underfunded position as a pension asset or pension liability on the Consolidated Balance Sheet. New accounting standards Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. In February 2018, the Financial Accounting Standards Board (FASB) issued an Accounting Standard Update (ASU) permitting a company to reclassify the disproportionate income tax effects of the Tax Cuts and Jobs Act of 2017 on items within accumulated other comprehensive income (AOCI) to retained earnings. We elected to adopt the ASU effective in the first quarter of 2019 and reclassified the disproportionate income tax effect recorded within AOCI to retained earnings. This resulted in a decrease to AOCI and an increase to retained earnings of $22 million. The adjustment primarily related to deferred taxes previously recorded for pension and other postretirement benefits, as well as hedging positions for debt and net investment hedges. Leases. In February 2016, the FASB issued an ASU which requires the recognition of lease assets and lease liabilities by lessees for all leases with terms greater than 12 months. The distinction between finance leases and operating leases remains, with similar classification criteria as current GAAP to distinguish between capital and operating leases. The principal difference from previous guidance is that the lease assets and lease liabilities arising from operating leases are recognized on the Consolidated Balance Sheet. Lessor accounting remains substantially similar to previous GAAP. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company adopted the ASU in the first quarter of 2019, using the optional transition method that allows for a cumulative-effect adjustment in the period of adoption with no restatement of prior periods. The Company elected the package of practical expedients permitted under the transition guidance that allows for the carry forward of historical lease classifications and consistent treatment of initial direct costs for existing leases. The Company also elected to apply the practical expedient that allows the continued historical treatment of land easements. The Company did not elect the practical expedient for the use of hindsight in evaluating the expected lease term of existing leases. The adoption of the ASU resulted in the recording of operating lease assets and operating lease liabilities of approximately $453 million to $461 million respectively, as of December 30, 2018. The difference between the additional lease assets and lease liabilities, represents existing deferred rent and prepaid lease balances that were reclassified on the balance sheet. The adoption of the ASU did not have a material impact to the Company’s Consolidated Statements of Income or Cash Flows. Cloud Computing Arrangements. In August 2018, the FASB issued ASU 2018-15: Intangibles - Goodwill and Other - Internal-Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. The ASU allows companies to capitalize implementation costs incurred in a hosting arrangement that is a service contract over the term of the hosting arrangement, including periods covered by renewal options that are reasonably certain to be exercised. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019 and can be applied retrospectively or prospectively. Early adoption is permitted. The Company adopted the ASU in the first quarter of 2020 and elected to apply it prospectively. The adoption did not have a material impact to the Company's Consolidated Financial Statements. Compensation Retirement Benefits. In August 2018, the FASB issued ASU 2018-14: Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. The ASU removed disclosures that no longer are considered cost beneficial, clarified the specific requirements of disclosures, and added disclosure requirements identified as relevant. The ASU is effective for fiscal years ending after December 15, 2020 and can be applied retrospectively or prospectively. Early adoption is permitted. The Company adopted the ASU in 2020. The adoption did not have a material impact to the Company's Consolidated Financial Statements.
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Sale of Accounts Receivable |
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Jan. 02, 2021 | |
Transfers and Servicing of Financial Assets [Abstract] | |
Transfers and Servicing of Financial Assets [Text Block] | SALE OF ACCOUNTS RECEIVABLE The Company has a program in which a discrete group of customers are allowed to extend their payment terms in exchange for the elimination of early payment discounts (Extended Terms Program). The Company has two Receivable Sales Agreements (Monetization Programs) described below, which are intended to directly offset the impact the Extended Terms Program would have on the days-sales-outstanding (DSO) metric that is critical to the effective management of the Company's accounts receivable balance and overall working capital. The Monetization Programs are designed to effectively offset the impact on working capital of the Extended Terms Program. The Monetization Programs sell, on a revolving basis, certain trade accounts receivable invoices to third party financial institutions. Transfers under these agreements are accounted for as sales of receivables resulting in the receivables being de-recognized from the Consolidated Balance Sheet. The Monetization Programs provide for the continuing sale of certain receivables on a revolving basis until terminated by either party; however the maximum receivables that may be sold at any time is $1,033 million. The Company has no retained interest in the receivables sold, however the Company does have collection and administrative responsibilities for the sold receivables. The Company has not recorded any servicing assets or liabilities as of January 2, 2021 and December 28, 2019 for these agreements as the fair value of these servicing arrangements as well as the fees earned were not material to the financial statements. Accounts receivable sold of $783 million and $774 million remained outstanding under these arrangements as of January 2, 2021 and December 28, 2019, respectively. The proceeds from these sales of receivables are included in cash from operating activities in the Consolidated Statement of Cash Flows. The recorded net loss on sale of receivables was $14 million, $25 million and $26 million for the years ended January 2, 2021, December 28, 2019, and December 29, 2018, respectively. The recorded loss is included in Other income (expense), net. Other programs Additionally, from time to time certain of the Company's foreign subsidiaries will transfer, without recourse, accounts receivable balances of certain customers to financial institutions. These transactions are accounted for as sales of the receivables resulting in the receivables being de-recognized from the Consolidated Balance Sheet. Accounts receivable sold of $55 million and $89 million remained outstanding under these programs as of January 2, 2021 and December 28, 2019, respectively. The proceeds from these sales of receivables are included in cash from operating activities in the Consolidated Statement of Cash Flows. The recorded net loss on the sale of these receivables is included in Other income (expense), net and is not material.
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Divestiures, West Africa Investments and Acquisitions |
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Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure [Text Block] | DIVESTITURES, WEST AFRICA INVESTMENTS AND ACQUISITIONS Divestiture On July 28, 2019, the Company completed its sale of selected cookies, fruit and fruit-flavored snacks, pie crusts, and ice cream cones businesses to Ferrero International S.A. (“Ferrero”) for approximately $1.3 billion in cash, subject to a working capital adjustment mechanism. Both the total assets and net assets of the businesses were approximately $1.3 billion, resulting in a net pre-tax gain of $38 million during the year ended December 28, 2019, recorded in Other income (expense), after including related costs to sell of $14 million. Additionally, the Company recognized curtailment gains related to the divestiture totaling $17 million in our U.S. pension and nonpension postretirement plans. During 2020 the working capital adjustment was finalized, resulting in a reduction of the sale proceeds and recognition of a pre-tax expense in Other income (expense) of $4 million. The operating results for these businesses were primarily included in the North America reporting segment prior to the sale. Proceeds from the divestiture were used primarily to redeem $1.0 billion of debt during the third quarter of 2019. Additionally, the Company paid approximately $255 million of cash taxes on the divestiture in the fourth quarter of 2019. In connection with the sale, the Company entered into a transition services agreement (TSA) with Ferrero, under which the Company will provide certain services to Ferrero to help facilitate an orderly transition of the businesses following the sale. In return for these services, Ferrero is required to pay certain agreed upon fees that are designed to reimburse the Company for certain costs incurred by the Company in providing such services, plus specified immaterial margins. The Company expects the TSA services to be complete in the first quarter of 2021. Multipro acquisition On May 2, 2018, the Company (i) acquired an incremental 1% ownership interest in Multipro, a leading distributor of a variety of food products in Nigeria and Ghana, and (ii) exercised its call option (Purchase Option) to acquire a 50% interest in Tolaram Africa Foods, PTE LTD (TAF), a holding company with a 49% equity interest in an affiliated food manufacturer, resulting in the Company having a 24.5% interest in the affiliated food manufacturer. The aggregate cash consideration paid was approximately $419 million and was funded through cash on hand and short-term borrowings, which was refinanced with long-term borrowings in May 2018. As part of the consideration for the acquisition, an escrow established in connection with the original Multipro investment in 2015, which represented a significant portion of the amount paid for the Company’s initial investment, was released by the Company. The amount paid to exercise the Purchase Option was subject to certain working capital and net debt adjustments based on the actual working capital and net debt existing on the exercise date compared to targeted amounts. These adjustments were finalized during 2018 and resulted in an increase in the purchase price of $1 million. As a result of the Company’s incremental ownership interest in Multipro and concurrent changes to the shareholders' agreement, the Company now has a 51% controlling interest in and began consolidating Multipro. Accordingly, the acquisition was accounted for as a business combination and the assets and liabilities of Multipro were included in the December 29, 2018 Consolidated Balance Sheet and the results of its operations have been included in the Consolidated Statement of Income subsequent to the acquisition date. The aggregate of the consideration paid and the fair value of previously held equity interest totaled $626 million, or $617 million net of cash acquired. The Multipro investment was previously accounted for under the equity method of accounting and the Company recorded our share of equity income or loss from Multipro within Earnings (loss) from unconsolidated entities. In connection with the business combination, the Company recognized a one-time, non-cash gain on the disposition of our previously held equity interest in Multipro of $245 million, which is included within Earnings (loss) from unconsolidated entities. For the post-acquisition period ended December 29, 2018, the acquisition added net sales of $536 million and net earnings of $8 million, including transaction fees and integration costs. The Company's consolidated unaudited pro forma historical net sales and net income, as if Multipro had been acquired at the beginning of 2017, exclusive of the non-cash $245 million gain on the disposition of the equity interest recognized in the second quarter of 2018, are estimated as follows:
Investment in TAF The investment in TAF, our interest in an affiliated food manufacturer, is accounted for under the equity method of accounting. During 2018, when the call option was exercised for TAF, the $458 million aggregate of the consideration paid upon exercise and the historical cost value of the Purchase Option was compared to the estimated fair value of the Company’s ownership percentage of TAF and the Company recognized a one-time, non-cash loss of $45 million within Earnings (loss) from unconsolidated entities, which represents an other than temporary excess of cost over fair value of the investment. The difference between the carrying amount of TAF and the underlying equity in net assets is primarily attributable to brand and customer list intangible assets, a portion of which is being amortized over future periods, and goodwill. TAF and certain other unconsolidated entities of the Company are suppliers of Multipro. The related trade payables are generally settled on a monthly basis. TAF’s net sales, totaling $586 million and $581 million for the years ended January 2, 2021 and December 28, 2019 respectively, and $350 million for the seven months ended December 29, 2018, consist primarily of inventory purchases by Multipro.
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Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets [Text Block] | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and Intangible Assets Changes in the carrying amount of goodwill, intangible assets subject to amortization, consisting primarily of customer relationships, and indefinite-lived intangible assets, consisting of brands and distribution agreements, are presented in the following tables: Carrying amount of goodwill
Intangible assets subject to amortization
(a) The currently estimated aggregate amortization expense for each of the next five succeeding fiscal periods is approximately $28 million per year through 2025. Intangible assets not subject to amortization
Annual Impairment Testing At January 2, 2021, goodwill and other intangible assets amounted to $8.3 billion, consisting primarily of goodwill and brands. Within this total, approximately $2.1 billion of non-goodwill intangible assets were classified as indefinite-lived, including $1.7 billion related to trademarks, comprised principally of Pringles and cracker-related trademarks. The majority of all goodwill and other intangible assets are recorded in our North America reporting unit. The Company currently believes the fair value of goodwill and other intangible assets exceeds their carrying value and that those intangibles so classified will contribute indefinitely to cash flows. Through impairment testing performed during the fourth quarter of 2020, no heightened risk of impairment of individual intangible assets or reporting units was identified. Additionally, the Company has goodwill of $373 million at January 2, 2021 related to the RX reporting unit. In performing the quantitative test of goodwill for RX, fair value was determined based on a calculation which gave consideration to an income approach utilizing the discounted cash flow method and the market approach using the guideline public company and guideline transaction methods. The significant assumptions utilized within the RX discounted cash flow method are forecasted net sales and profitability growth and the discount rate. The Company determined the fair value of RX exceeds the carrying value and no heightened risk of impairment exists for the reporting unit. In the fourth quarter of 2020 management finalized a decision to reorganize part of its North America operating segment, including the RX reporting unit, effective at the beginning of fiscal 2021. The reorganization further integrates the RX business with the rest of the North American business and changes internal reporting provided to the segment manager. As a result of these changes, the Company has re-evaluated its North American reporting units and determined that effective at the beginning of fiscal 2021, the RX reporting unit will be combined with the North America reporting unit. The Company evaluated the related impacted reporting units for impairment on a before and after basis and concluded that the fair values of each reporting unit exceeded their carrying values.
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Restructuring and Cost Reduction Activities |
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Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities | RESTRUCTURING PROGRAMS The Company views its restructuring and cost reduction activities as part of its operating principles to provide greater visibility in achieving its long-term profit growth targets. Initiatives undertaken are currently expected to recover cash implementation costs within a 3 to 5-year period of completion. Upon completion (or as each major stage is completed in the case of multi-year programs), the project begins to deliver cash savings and/or reduced depreciation. During 2019, the Company announced a reorganization plan for its European reportable segment designed to simplify the organization, increase organizational efficiency, and enhance key processes. The Company recorded total net charges of $(1) million related to this initiative during 2020, with $7 million recorded in SG&A expense and $(8) million recorded in OIE. Since inception, the project resulted in cumulative pretax net charges of approximately $37 million, including certain non-cash credits. Total cash costs were approximately $50 million. The total charges include severance and other termination benefits and charges related to relocation, pension curtailment gains, third party legal and consulting fees, and contract termination costs. This project is substantially complete as of the end of fiscal year 2020. Total charges and cash costs were in line with expectations. Also during 2019, the Company announced a reorganization plan which primarily impacted the North America reportable segment. The reorganization plan is designed to simplify the organization that supports the remaining North America reportable segment after the divestiture and related transition. The Company recorded total charges of $2 million related to this initiative during 2020. These charges were recorded in SG&A expense. Since inception, the project has resulted in cumulative pretax charges of approximately $23 million. Total charges include severance and other termination benefits and charges related to third party consulting fees. The project is substantially complete as of the end of fiscal year 2020. Total charges and cash costs were in line with expectations. In addition to the projects discussed above, during 2020 the Company incurred restructuring costs in each of its reportable segments related to various reorganization and simplification initiatives and supply chain optimization projects. The Company recorded total charges of $28 million related to these initiatives, including $6 million in COGS and $22 million in SG&A expense. These costs primarily relate to severance and other termination benefits. Project K As of the end of 2019, the Company completed implementation of all Project K initiatives. Total project charges, after-tax cash costs and annual savings delivered by Project K were in line with expectations. The total program resulted in pre-tax charges, of approximately $1.6 billion, with after-tax cash costs, including incremental capital expenditures, of approximately $1.2 billion. Total project charges consist of asset-related costs of approximately $500 million which consists primarily of asset impairments, accelerated depreciation and other exit-related costs; employee-related costs of approximately $400 million which includes severance, pension and other termination benefits; and other costs of approximately $700 million which consists primarily of charges related to the design and implementation of global business capabilities and a more efficient go-to-market model. Total pre-tax charges related to Project K impacted reportable segments as follows: North America (approximately 65%), Europe (approximately 21%), Latin America (approximately 4%), AMEA (approximately 6%), and Corporate (approximately 4%). The Company recognized charges of $1,574 million attributed to the Project K, with the charges comprised of $6 million recorded as a reduction of revenue, $928 million recorded in COGS, $807 million recorded in SGA and $(167) million recorded in OIE. Total programs The tables below provide the details for the charges incurred during 2020, 2019 and 2018 and program costs to date for all programs currently active as of January 2, 2021.
During 2020, the Company recorded total charges of $29 million across all restructuring programs. The charges were comprised of $6 million recorded in COGS, $31 million recorded in SG&A expense and $(8) million recorded in OIE. The Company recorded $113 million of charges in 2019 associated with all restructuring programs. The charges were comprised of $35 million expense being recorded in COGS, a $83 million expense recorded in SG&A, and $(5) million recorded in OIE. The Company recorded $143 million of costs in 2018 associated with all restructuring programs. The charges were comprised of $99 million being recorded in COGS, $74 million recorded SG&A and $(30) million recorded in OIE. Employee related costs consisted of severance and pension charges. Pension curtailment (gain) loss consists of curtailment gains or losses that resulted from project initiatives. Asset impairments were recorded for fixed assets that were determined to be impaired and were written down to their estimated fair value. See Note 14 for more information. Asset related costs consist primarily of accelerated depreciation. Other costs incurred consist primarily of lease termination costs as well as third-party incremental costs related to the development and implementation of global business capabilities and a more efficient go-to-market model. At January 2, 2021 total project reserves were $28 million, related to severance payments and other costs of which a substantial portion will be paid in 2021. The following table provides details for exit cost reserves.
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Equity |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | EQUITY Earnings per share Basic earnings per share is determined by dividing net income attributable to Kellogg Company by the weighted average number of common shares outstanding during the period. Diluted earnings per share is similarly determined, except that the denominator is increased to include the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. Dilutive potential common shares consist principally of employee stock options issued by the Company, restricted stock units, and to a lesser extent, certain contingently issuable performance shares. The total number of anti-dilutive potential common shares excluded from the reconciliation for each period was (shares in millions): 2020-7.3; 2019-14.0; 2018-6.5. Stock transactions The Company issues shares to employees and directors under various equity-based compensation and stock purchase programs, as further discussed in Note 9. The number of shares issued and outstanding during the periods presented was (shares in millions): 2020–9; 2019–15; 2018–8. In February 2020, the board of directors approved a new authorization to repurchase up to $1.5 billion of the Company's common stock through December 2022. During 2020, the Company didn't repurchase any shares of common stock. During 2019, the Company repurchased 4 million shares of common stock for a total of $220 million. Comprehensive income Comprehensive income includes net income and all other changes in equity during a period except those resulting from investments by or distributions to shareholders. Other comprehensive income for all years presented consists of foreign currency translation adjustments, fair value adjustments associated with cash flow hedges and adjustments for net experience gains (losses) and prior service credit (cost) related to employee benefit plans. During the year ended December 28, 2019, the Company modified assumptions for a U.S. postemployment benefit plan. As a result, a net experience gain (loss) was recognized in other comprehensive income with an offsetting reduction in the accumulated postemployment benefit obligation. See Note 10 and Note 11 for further details. Reclassifications from Accumulated Other Comprehensive Income (AOCI) for the year ended January 2, 2021, December 28, 2019, and December 29, 2018, consisted of the following:
Accumulated other comprehensive income (loss) as of January 2, 2021 and December 28, 2019 consisted of the following:
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Leases and other commitments | LEASES AND OTHER COMMITMENTS The Company leases certain warehouses, equipment, vehicles, and office space primarily through operating lease agreements. Finance lease obligations and activity are not material to the Consolidated Financial Statements. Lease obligations are primarily for real estate assets, with the remainder related to manufacturing and distribution related equipment, vehicles, information technology equipment, and rail cars. Leases with an initial term of 12 months or less are not recorded on the balance sheet. A portion of the Company's real estate leases include future variable rental payments that include inflationary adjustment factors. The future variability of these adjustments is unknown and therefore not included in the minimum lease payments. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. The leases have remaining terms which range from less than 1 year to 20 years and the majority of leases provide the Company with the option to exercise one or more renewal terms. The length of the lease term used in recording lease assets and lease liabilities is based on the contractually required lease term adjusted for any options to renew or early terminate the lease that are reasonably certain of being executed. The Company combines lease and non-lease components together in determining the minimum lease payments for the majority of leases. The Company has elected to not combine lease and non-lease components for assets controlled indirectly through third party service-related agreements that include significant production related costs. The Company has closely analyzed these agreements to ensure any embedded costs related to the securing of the leased asset is properly segregated and accounted for in measuring the lease assets and liabilities. The majority of the leases do not include a stated interest rate, and therefore the Company's periodic incremental borrowing rate is used to determine the present value of lease payments. This rate is calculated based on a collateralized rate for the specific currencies used in leasing activities and the borrowing ability of the applicable Company legal entity. For the initial implementation of the lease standard, the incremental borrowing rate at December 29, 2018 was used to present value operating lease assets and liabilities. The Company recorded operating lease costs of $135 million and $133 million for the years ended January 2, 2021 and December 28, 2019, respectively. Lease related costs associated with variable rent, short-term leases, and sale-leaseback arrangements, as well as sublease income, are each immaterial. Under the previous lease standard (Topic 840), rent expense on operating leases for the year ended December 29, 2018 was $133 million.
At January 2, 2021, future maturities of operating leases were as follows:
Operating lease payments presented in the table above exclude $24 million of minimum lease payments for real-estate leases signed but not yet commenced as of January 2, 2021. The leases are expected to commence in 2021. At January 2, 2021, future minimum annual lease commitments under non-cancelable finance leases were immaterial. The Company has provided various standard indemnifications in agreements to sell and purchase business assets and lease facilities over the past several years, related primarily to pre-existing tax, environmental, and employee benefit obligations. Certain of these indemnifications are limited by agreement in either amount and/or term and others are unlimited. The Company has also provided various “hold harmless” provisions within certain service type agreements. Because the Company is not currently aware of any actual exposures associated with these indemnifications, management is unable to estimate the maximum potential future payments to be made. At January 2, 2021, the Company had not recorded any liability related to these indemnifications.
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Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt [Text Block] | The following table presents the components of notes payable at year end January 2, 2021 and December 28, 2019:
The following table presents the components of long-term debt at year end January 2, 2021 and December 28, 2019:
(a)In March 2016, the Company issued $650 million of thirty-year 4.50% U.S. Dollar Notes, using the net proceeds for general corporate purposes, which included repayment of a portion of the Company's 7.45% U.S. Dollar Debentures due 2031 and a portion of its commercial paper borrowings. The effective interest rate on the Notes, reflecting issuance discount and hedge settlement, was 4.60% at January 2, 2021. (b)In March 2001, the Company issued long-term debt instruments, primarily to finance the acquisition of Keebler Foods Company, of which $625 million of thirty-year 7.45% Debentures remain outstanding. The effective interest rate on the Debentures, reflecting issuance discount and hedge settlement, was 7.56% at January 2, 2021. The Debentures contain standard events of default and covenants, and can be redeemed in whole or in part by the Company at any time at prices determined under a formula (but not less than 100% of the principal amount plus unpaid interest to the redemption date). (c)In May of 2020, the Company issued $500 million of ten-year 2.10% Notes, using the net proceeds for general corporate purposes, which included repayment of a portion of the $600 million 4.00% Notes due 2020 at maturity. The effective interest rate on the Notes reflecting issuance discount and hedge settlement, was 3.05% at January 2, 2021. (d)In May 2018, the Company issued $600 million of ten-year 4.30% Senior Notes, using the net proceeds for general corporate purposes, which included repayment of the Company's $400 million, seven-year 3.25% U.S. Dollar Notes due 2018 at maturity, and the repayment of a portion of the Company's commercial paper borrowings used to finance the acquisition of ownership interests in TAF and Multipro. The effective interest rate on the Notes, reflecting issuance discount and hedge settlement, was 4.34% at January 2, 2021. (e)In November 2017, the Company issued $600 million of ten-year 3.40% U.S. Dollar Notes, using the net proceeds for general corporate purposes, which included repayment of a portion of the Company's commercial paper borrowings used to finance the acquisition of Chicago Bar Company LLC, the maker of RXBAR. The effective interest rate on the Notes, reflecting issuance discount and hedge settlement, was 3.49% at January 2, 2021. (f)In March 2016, the Company issued $750 million of ten-year 3.25% U.S. Dollar Notes, using the net proceeds for general corporate purposes, which included repayment of a portion of the Company's 7.45% U.S. Dollar Debentures due 2031 and a portion of its commercial paper borrowings. The effective interest rate on these Notes, reflecting issuance discount, hedge settlement and interest rate swaps was 4.23% at January 2, 2021. In September 2016, the Company entered into interest rate swaps with notional amounts totaling $300 million, which effectively converted a portion of these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. This interest rate swap was subsequently terminated and undesignated. In October 2018, the Company entered into interest rate swaps with notional amounts totaling $450 million, which effectively converted a portion of these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. The Company subsequently terminated this interest rate swap. The resulting unamortized loss from swap activity of $5 million at January 2, 2021 will be amortized to interest expense over the remaining term of the Notes. (g)In March 2015, the Company issued €600 million (approximately $733 million at January 2, 2021, which reflects the discount, fees and translation adjustments) of ten-year 1.25% Euro Notes, using the proceeds from these Notes for general corporate purposes, which included repayment of a portion of the Company’s commercial paper borrowings. The effective interest rate on the Notes, reflecting issuance discount, hedge settlement and interest rate swaps, was 1.62% at January 2, 2021. The Notes were designated as a net investment hedge of the Company’s investment in its Europe subsidiary when issued. In May 2017, the Company entered into interest rate swaps with notional amounts totaling €600 million, which effectively converted these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. The Company subsequently terminated the interest rate swaps, and the resulting unamortized gain of $17 million at January 2, 2021 will be amortized to interest expense over the remaining term of the Notes. (h)In May 2016, the Company issued €600 million (approximately $733 million USD at January 2, 2021, which reflects the discount, fees and translation adjustments) of eight-year 1.00% Euro Notes. The proceeds from these Notes were used for general corporate purposes, including, together with cash on hand and additional commercial paper borrowings, repayment of the Company's $750 million, seven-year 4.45% U.S. Dollar Notes due 2016 at maturity. The Notes were designated as a net investment hedge of the Company’s investment in its Europe subsidiary when issued. The effective interest rate on these Notes, reflecting issuance discount, hedge settlement and interest rate swaps was 0.17% at January 2, 2021. In November 2016, the Company entered into interest rate swaps with notional amounts totaling €300 million, which effectively converted a portion of these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. In October 2018, the Company entered into interest rate swaps with notional amounts totaling €300 million, which effectively converted a portion of these Notes from a fixed rate to a floating rate obligation. The Company subsequently terminated these swaps, and the resulting unamortized gain of $17 million at January 2, 2021 will be amortized to interest expense over the remaining term of the Notes. In May of 2019, the Company entered into interest rate swaps with notional amounts totaling €600 million, which effectively converted a portion of these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. The fair value adjustment for the interest rate swaps was $9 million at January 2, 2021, recorded as an increase in the hedged debt balance. (i)In November 2016, the Company issued $600 million of seven-year 2.65% U.S. Dollar Notes, using the net proceeds for general corporate purposes, which included repayment of the Company's 1.875% U.S. Dollar Notes due 2016 at maturity and a portion of its commercial paper borrowings. The effective interest rate on these Notes, reflecting issuance discount, hedge settlement and interest rate swaps was 3.08% at January 2, 2021. In 2016, the Company entered into interest rate swaps with notional amounts totaling $300 million, which effectively converted a portion of these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. The Company subsequently terminated the interest rate swaps, and the resulting unamortized loss of $7 million at January 2, 2021 will be amortized to interest expense over the remaining term of the Notes. In 2019, the Company redeemed $50 million of the Notes. In connection with the debt redemption, the Company incurred $2 million of interest expense, consisting primarily of a premium on the tender offer. (j)In February 2013, the Company issued $400 million ($189 million previously redeemed) of ten-year 2.75% U.S. Dollar Notes, using net proceeds from these Notes for general corporate purposes, including, together with cash on hand, to repay a portion of the Company’s $750 million 4.25% U.S. Dollar Notes that matured in March 2013. The effective interest rate on these Notes, reflecting issuance discount hedge settlement and interest rate swaps, was 4.17%. In September 2016, the Company entered into interest rate swaps with notional amounts totaling $211 million, which effectively converted these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. The Company subsequently terminated the interest rate swaps, and the resulting unamortized loss of $6 million at January 2, 2021 will be amortized to interest expense over the remaining term of the Notes. (k)In May 2012, the Company issued $700 million ($342 million previously redeemed) of ten-year 3.125% U.S. Dollar Notes, using the net proceeds from these Notes for general corporate purposes, including financing a portion of the acquisition of Pringles. During 2020, the Company redeemed the remaining $358 million of the Notes. In conjunction with the debt redemption, the Company incurred $17 million of interest expense, consisting primarily of a premium on the tender offer. (l)In May 2017, the Company issued €600 million (approximately $733 million USD at January 2, 2021, which reflects the discount and translation adjustments) of five-year 0.80% Euro Notes, using the proceeds from these Notes for general corporate purposes, including, repayment of the Company's $400 million, five-year 1.75% U.S. Dollar Notes due 2017 at maturity. The effective interest rate on the Notes, reflecting issuance discount and hedge settlement, was 0.87%. The Notes were designated as a net investment hedge of the Company's investment in its Europe subsidiary when issued. (m)In May 2014, the Company issued €500 million (approximately $611 million at January 2, 2021, which reflects the discount and translation adjustments) of seven-year 1.75% Euro Notes, using the proceeds from these Notes for general corporate purposes, which included repayment of a portion of the Company’s commercial paper borrowings. The effective interest rate on the Notes, reflecting issuance discount and hedge settlement, was 2.36% at January 2, 2021. The Notes were designated as a net investment hedge of the Company’s investment in its Europe subsidiary when issued. (n)In May 2018, the Company issued $400 million of three-year 3.25% Senior Notes, using the net proceeds for general corporate purposes, which included repayment of the Company's $400 million, seven-year 3.25% U.S. Dollar Notes due 2018 at maturity, and the repayment of a portion of the Company's commercial paper borrowings used to finance the acquisition of ownership interests in TAF and Multipro. In 2019, the Company redeemed $202 million of the Notes. In connection with the dept redemption, the Company incurred $6 million of interest expense, consisting primarily of a premium on the tender offer. In 2020, the Company redeemed the remaining $198 million of the Notes. In conjunction with the debt redemption, the Company incurred $3 million of interest expense, consisting primarily of a premium on the tender offer. (o)In December 2010, the Company issued $1.0 billion ($150 million previously redeemed) of ten-year 4.0% fixed rate U.S. Dollar Notes, using the net proceeds from these Notes for incremental pension and postretirement benefit plan contributions and to retire a portion of its commercial paper. In 2019, the Company redeemed $248 million of the Notes. In connection with the debt redemption, the Company incurred $6 million of interest expense, consisting primarily of a premium on the tender offer, which was partially offset by accelerated gains on pre-issuance interest rate hedges. The remaining balance was redeemed at maturity in December of 2020. In December of 2020, the Company redeemed $198 million of its 3.25% U.S. Dollar Notes due May 2021, and $358 million of its 3.125% U.S. Dollar Notes due 2022. In connection with the debt redemption, the Company incurred $20 million of interest expense, primarily consisting of premium on the tender offer, acceleration of unamortized debt discount on the redeemed debt, fees related to the tender offer, and also included accelerated losses on pre-issuance interest rate hedges. In the third quarter of 2019, the Company redeemed $500 million of its 4.15% U.S. Dollar Notes due 2019, $248 million of its 4.00% U.S. Dollar Notes due 2020, $202 million of its 3.25% U.S. Dollar Notes due 2021, and $50 million of its 2.65% U.S. Dollar Notes due 2023. In connection with the debt redemption, the Company incurred $16 million of interest expense, consisting primarily of a premium on the tender offer, acceleration of unamortized debt discount on the redeemed debt, fees related to the tender offer, and also included accelerated gains and losses on pre-issuance interest rate hedges. All of the Company’s Notes contain customary covenants that limit the ability of the Company and its restricted subsidiaries (as defined) to incur certain liens or enter into certain sale and lease-back transactions and also contain a change of control provision. There are no significant restrictions on the payment of dividends by the Company. The Company was in compliance with all these covenants as of January 2, 2021. The Company and two of its subsidiaries (the Issuers) maintain a program under which the Issuers may issue euro-commercial paper notes up to a maximum aggregate amount outstanding at any time of $750 million or its equivalent in alternative currencies. The notes may have maturities ranging up to 364 days and will be senior unsecured obligations of the applicable Issuer. Notes issued by subsidiary Issuers will be guaranteed by the Company. The notes may be issued at a discount or may bear fixed or floating rate interest or a coupon calculated by reference to an index or formula. There were no commercial paper notes outstanding under this program as of January 2, 2021 and December 28, 2019. At January 2, 2021, the Company had $3.0 billion of short-term lines of credit and letters of credit, of which $2.9 billion were unused and available for borrowing primarily on an unsecured basis. These lines were comprised principally of the January 2018 unsecured $1.5 billion Five-Year Credit Agreement, which expires in 2023, and an unsecured $1.0 billion 364-Day Credit Agreement. The Five-Year Credit Agreement allows the Company to borrow, on a revolving credit basis, up to $1.5 billion, which includes the ability to obtain letters of credit in an aggregate stated amount up to $75 million and to obtain European swingline loans in an aggregate principal amount up to the equivalent of $300 million. In January 2021, the Company entered into an unsecured 364-Day Credit Agreement to borrow, on a revolving credit basis, up to $1.0 billion at any time outstanding, to replace the $1.0 billion 364-day facility that expired in January 2021. The Five-Year and 364 Day Credit Agreements which had no outstanding borrowings as January 2, 2021, contain customary covenants and warranties, including specified restrictions on indebtedness, liens and a specified interest expense coverage ratio. If an event of default occurs, then, to the extent permitted, the administrative agents may terminate the commitments under the credit facilities, accelerate any outstanding loans under the agreements, and demand the deposit of cash collateral equal to the lender's letter of credit exposure plus interest. The Company was in compliance with all financial covenants contained in these agreements at January 2, 2021 and December 28, 2019. Scheduled principal repayments on long-term debt are (in millions): 2021–$627; 2022–$755; 2023–$782; 2024–$750; 2025–$739; 2026 and beyond–$3,733. Financial institutions have issued standby letters of credit conditionally guaranteeing obligations on behalf of the Company totaling $82 million, including $49 million secured and $33 million unsecured, as of January 2, 2021. These obligations are related primarily to insurance programs. There were no amounts drawn down on the letters of credit as of January 2, 2021. The Company has issued guarantees for a certain portion of debt of unconsolidated affiliates. These arrangements include cross guarantees back from the other shareholder in proportion to their ownership of the unconsolidated affiliates. These guarantees are not material to the Company. Interest expense capitalized as part of the construction cost of fixed assets was immaterial for all periods presented.
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Compensation [Text Block] | STOCK COMPENSATION The Company uses various equity-based compensation programs to provide long-term performance incentives for its global workforce. Currently, these incentives consist principally of stock options, restricted stock units and executive performance shares. The Company also sponsors a discounted stock purchase plan in the United States and matching-grant programs in several international locations. Additionally, the Company awards restricted stock to its outside directors. These awards are administered through several plans, as described within this Note. The 2017 Long-Term Incentive Plan (2017 Plan), approved by shareholders in 2017, permits awards to employees and officers in the form of incentive and non-qualified stock options, performance units, restricted stock or restricted stock units, and stock appreciation rights. The 2017 Plan, which replaced the 2013 Long-Term Incentive Plan (2013 Plan), authorizes the issuance of a total of (a) 16 million shares; plus (b) the total number of shares remaining available for future grants under the 2013 Plan. The total number of shares remaining available for issuance under the 2017 Plan will be reduced by two shares for each share issued pursuant to an award under the 2017 Plan other than a stock option or stock appreciation right, or potentially issuable pursuant to an outstanding award other than a stock option or stock appreciation right, which will in each case reduce the total number of shares remaining by one share for each share issued. At January 2, 2021, there were 16 million remaining authorized, but unissued, shares under the 2017 Plan. In April 2020, the Amended and Restated Kellogg Company 2002 Employee Stock Purchase Plan was approved by shareholders, effective July 1, 2020. The plan is a tax-qualified employee stock purchase plan made available to substantially all U.S. employees, which allows participants to acquire Kellogg stock at a discounted price. The purpose of the plan is to encourage employees at all levels to purchase stock and become shareholders. Compensation expense for all types of equity-based programs and the related income tax benefit recognized were as follows:
As of January 2, 2021, total stock-based compensation cost related to non-vested awards not yet recognized was $95 million and the weighted-average period over which this amount is expected to be recognized was 2 years. Cash flows realized upon exercise or vesting of stock-based awards in the periods presented are included in the following table. Tax windfall (shortfall) realized upon exercise or vesting of stock-based awards generally represent the difference between the grant date fair value of an award and the taxable compensation of an award. Cash used by the Company to settle equity instruments granted under stock-based awards was not material.
Shares used to satisfy stock-based awards are normally issued out of treasury stock, although management is authorized to issue new shares to the extent permitted by respective plan provisions. Refer to Note 6 for information on shares issued during the periods presented to employees and directors under various long-term incentive plans and share repurchases under the Company’s stock repurchase authorizations. The Company does not currently have a policy of repurchasing a specified number of shares issued under employee benefit programs during any particular time period. Stock options During the periods presented, non-qualified stock options were granted to eligible employees under the 2017 and 2013 Plans with exercise prices equal to the fair market value of the Company’s stock on the grant date, a contractual term of ten years, and a three-year graded vesting period. Management estimates the fair value of each annual stock option award on the date of grant using a lattice-based option valuation model. Composite assumptions are presented in the following table. Weighted-average values are disclosed for certain inputs which incorporate a range of assumptions. Expected volatilities are based principally on historical volatility of the Company’s stock, and to a lesser extent, on implied volatilities from traded options on the Company’s stock. Historical volatility corresponds to the contractual term of the options granted. The Company uses historical data to estimate option exercise and employee termination within the valuation models; separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of options granted represents the period of time that options granted are expected to be outstanding; the weighted-average expected term for all employee groups is presented in the following table. The risk-free rate for periods within the contractual life of the options is based on the U.S. Treasury yield curve in effect at the time of grant.
A summary of option activity for the year ended January 2, 2021 is presented in the following table:
Additionally, option activity for the comparable prior year periods is presented in the following table:
The total intrinsic value of options exercised during the periods presented was (in millions): 2020–$17; 2019–$7; 2018–$33. Other stock-based awards During the periods presented, other stock-based awards consisted principally of executive performance shares and restricted stock granted under the 2017 and 2013 Plans. In the first quarter of 2020, the Company granted performance shares to a limited number of senior level employees, which entitle these employees to receive a specified number of shares of the Company's common stock upon vesting, as well as dividend equivalent shares. The number of shares earned could range between 0 and 200% of the target amount depending upon performance achieved over the three year vesting period. The performance conditions of the award include three year net sales growth and cash flow related targets. Dividend equivalents accrue and vest in accordance with the underlying award. The 2020 target grant currently corresponds to approximately 327,000 shares, with a grant-date fair value of $66 per share. In 2019, the Company granted performance shares to a limited number of senior executive-level employees, which entitle these employees to receive a specified number of shares of the Company's common stock upon vesting. The number of shares earned could range between 0 and 200% of the target amount depending upon performance achieved over the three year vesting period. The performance conditions of the award include three-year net sales growth and total shareholder return (TSR) of the Company's common stock relative to a select group of peer companies. Dividend equivalents accrue and vest in accordance with the underlying award. The 2019 target grant currently corresponds to approximately 213,000 shares, with a grant-date fair value of $73 per share. In 2018, the Company granted performance shares to a limited number of senior executive-level employees, which entitle these employees to receive a specified number of shares of the Company's common stock upon vesting. The number of shares earned could range between 0 and 200% of the target amount depending upon performance achieved over the three year vesting period. The performance conditions of the award includes nets sales growth and TSR of the Company's common stock relative to a select group of peer companies. The 2018 target grant currently corresponds to approximately 143,000 shares, with a grant-date fair value of $88 per share. A Monte Carlo valuation model was used to determine the fair value of awards with a TSR performance metric. The TSR performance metric is a market condition. Therefore, compensation cost of the TSR condition is fixed at the measurement date and is not revised based on actual performance. The TSR metric was valued as a multiplier of possible levels of the performance metric. Compensation cost related to performance metric is revised for changes in the expected outcome. Based on the market price of the Company’s common stock at year-end 2020, the maximum future value that could be awarded on the vesting date was (in millions): 2020 award–$41; 2019 award– $26; and 2018 award–$18. The 2017 performance share award, payable in stock, was settled at 90% of target in February 2020 for a total dollar equivalent of $6 million. The Company also grants restricted stock units to eligible employees under the 2017 Plan, typically with three year cliff vesting earning dividend equivalent units for awards granted beginning in 2019. Dividend equivalents accrue and vest in accordance with the underlying award. Management estimates the fair value of restricted stock grants based on the market price of the underlying stock on the date of grant. A summary of restricted stock unit activity for the year ended January 2, 2021, is presented in the following table:
Additionally, restricted stock unit activity for 2019 and 2018 is presented in the following table:
The total fair value of restricted stock units vesting in the periods presented was (in millions): 2020–$34; 2019–$27; 2018–$35.
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Pension Benefits |
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Pension Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits [Text Block] | PENSION BENEFITS The Company sponsors a number of U.S. and foreign pension plans to provide retirement benefits for its employees. The majority of these plans are funded or unfunded defined benefit plans, although the Company does participate in a limited number of multiemployer or other defined contribution plans for certain employee groups. See Note 12 for more information regarding the Company’s participation in multiemployer plans. Defined benefits for salaried employees are generally based on salary and years of service, while union employee benefits are generally a negotiated amount for each year of service. The Company uses a December 31 measurement date for these plans and, when necessary, adjusts for plan contributions and significant events between December 31 and its fiscal year-end. In recent years, the Company has taken actions to reduce global pension benefit obligations and moderate the impact of market-related volatility. Those actions include the following: –In December 2020, the Company purchased a group annuity contract to cover pension benefit obligations of certain participants of the United Kingdom defined benefit pension plan for $268 million. This transaction represents an annuity buy-in, under which the Company retains both the fair value of the annuity contract (within plan assets) and the pension benefit obligations related to these participants. The fair value of the annuity buy-in contract at year-end is based on the calculated pension benefit obligations covered. –In October 2020, the Company settled pension benefit obligations associated with approximately 8,000 retired participants within our U.S. defined benefit pension plan to reduce pension benefit obligations and administrative expenses. A group annuity contract was purchased on behalf of these participants with a third-party insurance provider, resulting in a reduction of the Company's pension benefit obligations and plan assets of approximately $453 million. –In June of 2020, the Company recognized a curtailment gain of $7 million, as certain U.S. pension plan benefits were frozen for a portion of the participant population. –In September 2019, the Company provided a voluntary one-time lump-sum cash settlement offer to certain eligible terminated vested participants in our U.S. pension plans in order to reduce pension benefit obligations and administrative costs. In December 2019, approximately $174 million was distributed from pension plan assets in connection with this offer. –In conjunction with the completion of the sale of selected cookies, fruit and fruit-flavored snacks, pie crusts, and ice cream cones businesses on July 28, 2019, the Company recognized a curtailment gain in its U.S. pension plans of $11 million, as certain U.S. pension plans benefits were frozen for the portion of the participant population that was impacted by the divestiture. –In September 2018, the Company recognized a curtailment gain of $30 million as certain European pension plans were frozen as of December 29, 2018 in conjunction with Project K restructuring. –In December 2018, as a result of the September 2017 amendment of certain U.S. and Canada defined benefit pension plans, compensation and service periods used to calculate pension benefits for active salaried employees who participate in the affected pension plans were frozen. Obligations and funded status The aggregate change in projected benefit obligation, plan assets, and funded status is presented in the following tables.
The accumulated benefit obligation for all defined benefit pension plans was $5.6 billion at January 2, 2021 and December 28, 2019. Information for pension plans with accumulated benefit obligations in excess of plan assets were:
Information for pension plans with projected benefit obligations in excess of plan assets were:
Expense The components of pension expense are presented in the following table. Service cost is recorded in COGS and SGA expense. All other components of net periodic benefit cost are included in OIE. Pension expense for defined contribution plans relates to certain foreign-based defined contribution plans and multiemployer plans in the United States in which the Company participates on behalf of certain unionized workforces.
The Company and certain of its subsidiaries sponsor 401(k) or similar savings plans for active employees. Expense related to these plans was (in millions): 2020 – $42 million; 2019 – $39 million; 2018 – $38 million. These amounts are not included in the preceding expense table. Company contributions to these savings plans approximate annual expense. Company contributions to multiemployer and other defined contribution pension plans approximate the amount of annual expense presented in the preceding table. Assumptions The worldwide weighted-average actuarial assumptions used to determine benefit obligations were:
The worldwide weighted-average actuarial assumptions used to determine annual net periodic benefit cost were:
To determine the overall expected long-term rate of return on plan assets, the Company models expected returns over a 20-year investment horizon with respect to the specific investment mix of its major plans. The return assumptions used reflect a combination of rigorous historical performance analysis and forward-looking views of the financial markets including consideration of current yields on long-term bonds, price-earnings ratios of the major stock market indices, and long-term inflation. The U.S. model, which corresponds to approximately 70% of consolidated pension and other postretirement benefit plan assets, incorporates a long-term inflation assumption of 2.5% and an active management premium of 0.8% (net of fees) validated by historical analysis. Similar methods are used for various foreign plans with invested assets, reflecting local economic conditions. The expected rate of return for 2020 of 7.0% for the U.S. plans equated to approximately the 64th percentile expectation. Refer to Note 1. In 2019, the Society of Actuaries (SOA) published updated mortality tables and an updated improvement scale. In 2020, the SOA released an updated improvement scale that incorporates an additional year of data. In determining the appropriate mortality assumptions as of 2020 fiscal year-end, the Company used the 2019 SOA tables with collar adjustments based on Kellogg’s current population, consistent with the prior year. In addition, based on mortality information available from the Social Security Administration and other sources, the Company developed assumptions for future mortality improvement in line with our expectations for future experience. The change to the mortality assumption decreased the year-end pension obligations by approximately $1 million. To conduct the annual review of discount rates, the Company selected the discount rate based on a cash-flow matching analysis using Towers Watson’s proprietary RATE:Link tool and projections of the future benefit payments that constitute the projected benefit obligation for the plans. RATE:Link establishes the uniform discount rate that produces the same present value of the estimated future benefit payments, as is generated by discounting each year’s benefit payments by a spot rate applicable to that year. The measurement dates for the defined benefit plans are consistent with the Company’s fiscal year end. Accordingly, the Company selects yield curves to measure benefit obligations consistent with market indices during December of each year. The Company may experience material actuarial gains or losses due to differences between assumed and actual experience and due to changing economic conditions. During 2020, the Company recognized a net actuarial loss of approximately $184 million driven by a loss related to plan experience and assumption changes, including a loss due to decreases in the discount rate, partially offset by a gain from better than expected asset returns. Plan assets The Company categorized Plan assets within a three level fair value hierarchy described as follows: Investments stated at fair value as determined by quoted market prices (Level 1) include: Cash and cash equivalents: Value based on cost, which approximates fair value. Corporate stock, common: Value based on the last sales price on the primary exchange. Investments stated at estimated fair value using significant observable inputs (Level 2) include: Cash and cash equivalents: Institutional short-term investment vehicles valued daily. Mutual funds: Valued at exit prices quoted in active or non-active markets or based on observable inputs. Collective trusts: Valued at exit prices quoted in active or non-active markets or based on observable inputs. Bonds: Value based on matrices or models from pricing vendors. Limited partnerships: Value based on the ending net capital account balance at year end. Investments stated at estimated fair value using significant unobservable inputs (Level 3) include: Buy-in annuity contract: Value based on the calculated pension benefit obligation covered by the non-participating annuity contracts at year-end. The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The Company’s practice regarding the timing of transfers between levels is to measure transfers in at the beginning of the month and transfers out at the end of the month. For the year ended January 2, 2021, the Company had no transfers between Levels 1 and 2. The fair value of Plan assets as of January 2, 2021 summarized by level within the fair value hierarchy are as follows:
(a) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value of Plan assets at December 28, 2019 are summarized as follows:
(a) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. There were no unfunded commitments to purchase investments at January 2, 2021 or December 28, 2019. The Company’s investment strategy for its major defined benefit plans is to maintain a diversified portfolio of asset classes with the primary goal of meeting long-term cash requirements as they become due. Assets are invested in a prudent manner to maintain the security of funds while maximizing returns within the Plan’s investment policy. The investment policy specifies the type of investment vehicles appropriate for the Plan, asset allocation guidelines, criteria for the selection of investment managers, procedures to monitor overall investment performance as well as investment manager performance. Derivatives, including swaps, forward and futures contracts, may be used as asset class substitutes or for hedging or other risk management purposes. It also provides guidelines enabling Plan fiduciaries to fulfill their responsibilities. The current weighted-average target asset allocation reflected by this strategy is: equity securities–34%; debt securities–29%; real estate and other–37%. Investment in Company common stock represented 1.1% and 1.2% of consolidated plan assets at January 2, 2021 and December 28, 2019, respectively. Plan funding strategies are influenced by tax regulations and funding requirements. The Company currently expects to contribute, before consideration of incremental discretionary contributions, approximately $6 million to its defined benefit pension plans during 2021. Level 3 gains and losses Changes in fair value of the Plan's Level 3 assets are summarized as follows:
Benefit payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in millions): 2021–$315; 2022–$322; 2023–$322; 2024–$326; 2025–$321; 2026 to 2030–$1,575.
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Nonpension Postretirement and Postemployment Benefits |
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Nonpension Postretirement And Postemployment Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonpension Postretirement And Postemployment Benefits [Text Block] | NONPENSION POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS Postretirement The Company sponsors a number of plans to provide health care and other welfare benefits to retired employees in the United States and Canada, who have met certain age and service requirements. The majority of these plans are funded or unfunded defined benefit plans, although the Company does participate in a limited number of multiemployer or other defined contribution plans for certain employee groups. The Company contributes to voluntary employee benefit association (VEBA) trusts to fund certain U.S. retiree health and welfare benefit obligations. The Company uses a December 31 measurement date for these plans and, when necessary, adjusts for plan contributions and significant events between December 31 and its fiscal year-end. Obligations and funded status The aggregate change in accumulated postretirement benefit obligation, plan assets, and funded status is presented in the following tables.
Information for postretirement benefit plans with accumulated benefit obligations in excess of plan assets were:
Expense Components of postretirement benefit expense (income) were:
Assumptions The weighted-average actuarial assumptions used to determine benefit obligations were:
The weighted-average actuarial assumptions used to determine annual net periodic benefit cost were:
The Company determines the overall discount rate and expected long-term rate of return on VEBA trust obligations and assets in the same manner as that described for pension trusts in Note 10. The assumed U.S. health care cost trend rate is 5.00% for 2021, decreasing 0.25% annually to 4.5% by the year 2023 and remaining at that level thereafter. These trend rates reflect the Company’s historical experience and management’s expectations regarding future trends. The Company may experience material actuarial gains or losses due to differences between assumed and actual experience and due to changing economic conditions. During 2020, the Company recognized a net actuarial gain of approximately $29 million driven by a gain related to plan experience and assumption changes, including gain due to better than expected asset returns, partially offset by a loss resulting from decreases in the discount rate. Plan assets The fair value of Plan assets as of January 2, 2021 summarized by level within fair value hierarchy described in Note 10, are as follows:
(a) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value of Plan assets at December 28, 2019 are summarized as follows:
(a) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The Company’s asset investment strategy for its VEBA trusts is consistent with that described for its pension trusts in Note 10. The current target asset allocation is 70% equity securities, 23% debt securities, and 7% real estate. The Company currently expects to contribute approximately $19 million to its VEBA trusts during 2021. There were no Level 3 assets during 2020 and 2019. Postemployment Under certain conditions, the Company provides benefits to former or inactive employees, including salary continuance, severance, and long-term disability, in the United States and several foreign locations. The Company’s postemployment benefit plans are unfunded. Actuarial assumptions used are generally consistent with those presented for pension benefits in Note 10. The aggregate change in accumulated postemployment benefit obligation and the net amount recognized were:
Components of postemployment benefit expense were:
Benefit payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
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Multipemployer Pension and Postretirement Plans |
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Multiemployer Plan, Pension, Insignificant [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multiemployer Plan [Text Block] | MULTIEMPLOYER PENSION AND POSTRETIREMENT PLANS The Company contributes to multiemployer defined contribution pension and postretirement benefit plans under the terms of collective-bargaining agreements that cover certain unionized employee groups in the United States. Contributions to these plans are included in total pension and postretirement benefit expense as reported in Note 10 and Note 11, respectively. Pension benefits The risks of participating in multiemployer pension plans are different from single-employer plans. Assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. If a participating employer stops contributing to the plan, the unfunded obligations of the plan are borne by the remaining participating employers. The Company’s participation in multiemployer pension plans for the year ended January 2, 2021, is outlined in the table below. The “EIN/PN” column provides the Employer Identification Number (EIN) and the three-digit plan number (PN). The most recent Pension Protection Act (PPA) zone status available for 2020 and 2019 is for the plan year-ends as indicated below. The zone status is based on information that the Company received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are between 65 percent and 80 percent funded, and plans in the green zone are at least 80 percent funded. The “FIP/RP Status” column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. In addition to regular plan contributions, the Company may be subject to a surcharge if the plan is in the red zone. The “Surcharge Imposed” column indicates whether a surcharge has been imposed on contributions to the plan. The last column lists the expiration date(s) of the collective-bargaining agreement(s) (CBA) to which the plans are subject. The Company was not listed in the available Forms 5500 of the three plans listed below as providing more than 5 percent of total contributions. At the date the Company’s financial statements were issued, certain Forms 5500 were not available for the plan years ending in 2020.
(a)The Company is party to multiple CBAs requiring contributions to this fund, each with its own expiration date. Over 80 percent of the Company’s participants in this fund are covered by a single CBA that expires on 4/16/2021. (b)The Company does not expect 2021 contributions to be materially different than 2020. (c)During 2019, the Company terminated CBAs covered by this fund. As a result, the Company has withdrawn from the fund and recognized expense for its estimated withdrawal liability. The Company does not expect to make 2021 contributions. (d)The Company does not expect 2021 contributions to be materially different than 2020. (e)During 2019, the Company terminated the CBAs covered by certain of these funds. As a result, for the impacted funds, the Company recognized expense for the estimated withdrawal liability in each year and no longer made contributions following the termination. The Company does not expect 2021 contributions to the remaining funds to be materially different from 2020. As discussed in Note 5, the Company engages in restructuring and cost reduction projects to help achieve its long-term growth targets. Current and future restructuring and cost reduction activities and other strategic initiatives could impact the Company's participation in certain multiemployer plans. In addition to regular contributions, the Company could be obligated to pay additional amounts, known as a withdrawal liability, if a multiemployer pension plan has unfunded vested benefits and the Company decreases or ceases participation in that plan. During 2019, the Company withdrew from two multi-employer pension plans. Additionally, the Company previously exited several multiemployer plans associated with Project K restructuring. During the second quarter of 2020, the Company adjusted the estimated withdrawal liability associated with a plan withdrawn from during the third quarter of 2019. The adjustment resulted in a gain of $5 million during the second quarter and resulted from a July 2020 agreement with the plan, under which the Company paid $7 million in full settlement of the withdrawal liability. In addition, the Company paid $5 million to settle a plan liability during the fourth quarter of 2020, resulting in no gain or loss as a result of settlement. The Company recognized expense related to the withdrawals as follows (millions): 2020 - $(5); 2019 - $132; 2018 - $7. While this is our best estimate of the ultimate cost of withdrawing from the plans at this time, we have not yet reached agreement on the ultimate amount of the withdrawal liability. As a result, the actual cost could differ from our estimate based on final funding assessments. The net present value of the liabilities were determined using a risk free interest rate. The charge was recorded within Cost of goods sold on the Consolidated Statement of Income and Other current liabilities and Other liabilities on the Consolidated Balance Sheet. The cash obligation associated with the 2019 withdrawal activity is approximately $8 million annually and is payable over a maximum 20-year period; management has not determined the actual period over which the payments will be made. Withdrawal liability payments made to multiemployer plans were as follows (millions): 2020 - $21; 2019 - $8; 2018 - $3. The Company had withdrawal liabilities of $130 million and $156 million at January 2, 2021 and December 28, 2019, respectively. Postretirement benefits Multiemployer postretirement benefit plans provide health care and other welfare benefits to active and retired employees who have met certain age and service requirements. Contributions to multiemployer postretirement benefit plans were (in millions): 2020 – $13; 2019 – $11; 2018 – $11.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | INCOME TAXES The components of income before income taxes and the provision for income taxes were as follows:
The difference between the U.S. federal statutory tax rate and the Company’s effective income tax rate was:
As presented in the preceding table, the Company’s 2020 consolidated effective tax rate was 20.2%, as compared to 24.6% in 2019 and 13.6% in 2018. The 2020 effective income tax rate was favorably impacted by the reversal of a liability for uncertain tax positions of $32 million, resulting from the finalization of a tax examination during the third quarter. The reserves were related to the Company's estimate of the transition tax liability in conjunction with the finalization of accounting under Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act. The 2019 effective income tax rate was unfavorably impacted by a permanent basis difference in the assets sold to Ferrero as well as an out-of-period correction. During the fourth quarter of 2019, the Company recorded an out-of-period adjustment to correct an error in the tax rate applied to a deferred tax asset arising from an intangible property transfer in a prior year. The adjustment increased income tax expense and decreased deferred tax assets by $39 million, respectively. We determined the adjustment to be immaterial to our Consolidated Financial Statements for the year ended December 28, 2019 and related prior annual and quarterly periods. The 2018 effective income tax rate benefited from the reduction of the U.S. corporate tax rate as well as a $11 million reduction of income tax expense due to changes in estimates related to the Tax Cuts and Jobs Act, the impact of discretionary pension contributions totaling $250 million in 2018, which were designated as 2017 tax year contributions, and a $44 million discrete tax benefit as a result of the remeasurement of deferred taxes following a legal entity restructuring. Transition tax on foreign earnings: The transition tax is a tax on the previously untaxed accumulated and current earnings and profits of certain of our foreign subsidiaries. In order to determine the amount of the transition tax, the Company must determine, in addition to other factors, the amount of post-1986 earnings and profits (E&P) of the relevant subsidiaries, as well as the amount of non-U.S. income taxes paid on such earnings. E&P is similar to retained earnings of the subsidiary, but requires other adjustments to conform to U.S. tax rules. As of December 30, 2017, based on accumulated foreign earnings and profits of approximately $2.6 billion, which are primarily in Europe, the Company was able to make a reasonable estimate of the transition tax and recorded a transition tax obligation of $157 million. In the third quarter of 2018, the Company recorded a $16 million reduction to the transition tax liability and tax expense based on updated estimates of E&P. During the fourth quarter of 2018, the Company, as part of completing its accounting under SAB 118, revised its estimate of the transition tax liability to $94 million, and recorded $47 million of tax reserves related to uncertainty in our interpretation of the statute and associated regulations. During the third quarter of 2020, the Company reversed $32 million of the liability previously recorded as a result of the finalization of an IRS tax examination. Indefinite reinvestment assertion: Prior to the Tax Act, the Company treated a significant portion of its undistributed foreign earnings as indefinitely reinvested. In light of the Tax Act, which included a new territorial tax regime, as of the year ended December 30, 2017, Management determined that the Company would analyze its global capital structure and working capital strategy and considered the indefinite reinvestment assertion to be provisional under SAB 118. In the fourth quarter of 2018, we finished analyzing our global capital structure and working capital strategy and determined that $2.4 billion of foreign earnings as of December 30, 2017 were no longer considered to be indefinitely invested. Accordingly, income tax expense of approximately $5 million was recorded in the fourth quarter of 2018. The Company completed its assessment and accounting under SAB 118 for its indefinite investment assertion. As of January 2, 2021, approximately $900 million of unremitted earnings were considered indefinitely reinvested. The unrecognized deferred tax liability for these earnings is estimated at approximately $23 million. However, this estimate could change based on the manner in which the outside basis difference associated with these earnings reverses. Management monitors the Company’s ability to utilize certain future tax deductions, operating losses and tax credit carryforwards, prior to expiration. Changes resulting from management’s assessment will result in impacts to deferred tax assets and the corresponding impacts on the effective income tax rate. Valuation allowances were recorded to reduce deferred tax assets to an amount that will, more likely than not, be realized in the future. The total tax benefit of carryforwards at year-end 2020 and 2019 were $329 million and $279 million, respectively, with related valuation allowances at year-end 2020 and 2019 of $192 million and $146 million, respectively. Of the total carryforwards at year-end 2020, substantially all will expire after 2024. The following table provides an analysis of the Company’s deferred tax assets and liabilities as of year-end 2020 and 2019.
The change in valuation allowance reducing deferred tax assets was:
(a) During 2019, the Company decreased the valuation allowance by $32 million related to the revaluation of its investment in a foreign subsidiary. (b) During 2020, the Company increased the valuation allowance by $41 million related to the revaluation of its investment in a foreign subsidiary. Uncertain tax positions The Company is subject to federal income taxes in the U.S. as well as various state, local, and foreign jurisdictions. The Company’s 2020 provision for U.S. federal income taxes represents approximately 60% of the Company’s consolidated income tax provision. The Company was chosen to participate in the Internal Revenue Service (IRS) Compliance Assurance Program (CAP) beginning with the 2008 tax year. As a result, with limited exceptions, the Company is no longer subject to U.S. federal examinations by the IRS for years prior to 2019. The Company is under examination for income and non-income tax filings in various state and foreign jurisdictions. As of January 2, 2021, the Company has classified $19 million of unrecognized tax benefits as a current tax liability. Managements estimate of reasonably possible changes in unrecognized tax benefits during the next twelve months consists of the current liability expected to be settled within one year, offset by approximately $4 million of projected additions during the next twelve months related primarily to ongoing intercompany transfer pricing activity. Management is currently unaware of any issues under review that could result in significant additional payments, accruals, or other material deviation in this estimate. Following is a reconciliation of the Company’s total gross unrecognized tax benefits as of the years ended January 2, 2021, December 28, 2019 and December 29, 2018. For the 2020 year, approximately $56 million represents the amount that, if recognized, would affect the Company’s effective income tax rate in future periods.
(a) During the fourth quarter of 2018, the Company recorded, as part of its final estimate under SAB 118, $47 million of tax reserves related to uncertainty in our interpretation of the statute and associated regulations. (b) During the third quarter of 2020, the Company released $32 million of tax reserves as a result of finalization of an IRS tax examination. During the year ended January 2, 2021, the Company paid tax-related interest totaling $1 million and recognized $3 million of tax related interest, increasing the balance to $13 million at year-end. During the year ended December 28, 2019, the Company settled certain tax matters resulting in an $11 million net reduction of the tax interest accrual, decreasing the balance to $11 million at year-end. For the year ended December 29, 2018, the Company paid tax-related interest totaling $2 million and recognized $3 million of tax-related interest increasing the accrual balance to $22 million at year-end.
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Derivative Instruments and Fair Value Measurements |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Fair Value [Text Block] | DERIVATIVE INSTRUMENTS AND FAIR VALUE MEASUREMENTS The Company is exposed to certain market risks such as changes in interest rates, foreign currency exchange rates, and commodity prices, which exist as a part of its ongoing business operations. Management uses derivative and nonderivative financial and commodity instruments, including futures, options, and swaps, where appropriate, to manage these risks. Instruments used as hedges must be effective at reducing the risk associated with the exposure being hedged. The Company designates derivatives and nonderivative hedging instruments as cash flow hedges, fair value hedges, net investment hedges, and uses other contracts to reduce volatility in interest rates, foreign currency and commodities. As a matter of policy, the Company does not engage in trading or speculative hedging transactions. Derivative instruments are classified on the Consolidated Balance Sheet based on the contractual maturity of the instrument or the timing of the underlying cash flows of the instrument for derivatives with contractual maturities beyond one year. Any collateral associated with derivative instruments is classified as other assets or other current liabilities on the Consolidated Balance Sheet depending on whether the counterparty collateral is in an asset or liability position. Margin deposits related to exchange-traded commodities are recorded in accounts receivable, net on the Consolidated Balance Sheet. On the Consolidated Statement of Cash Flows, cash flows associated with derivative instruments are classified according to the nature of the underlying hedged item. Cash flows associated with collateral and margin deposits on exchange-traded commodities are classified as investing cash flows when the collateral account is in an asset position and as financing cash flows when the collateral account is in a liability position. Total notional amounts of the Company’s derivative instruments as of January 2, 2021 and December 28, 2019 were as follows:
Following is a description of each category in the fair value hierarchy and the financial assets and liabilities of the Company that were included in each category at January 2, 2021 and December 28, 2019, measured on a recurring basis. Level 1 — Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market. For the Company, level 1 financial assets and liabilities consist primarily of commodity derivative contracts. Level 2 — Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. For the Company, level 2 financial assets and liabilities consist of interest rate swaps and over-the-counter commodity and currency contracts. The Company’s calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve. Over-the-counter commodity derivatives are valued using an income approach based on the commodity index prices less the contract rate multiplied by the notional amount. Foreign currency contracts are valued using an income approach based on forward rates less the contract rate multiplied by the notional amount. Cross-currency contracts are valued based on changes in the spot rate at the time of valuation compared to the spot rate at the time of execution, as well as the change in the interest differential between the two currencies. The Company’s calculation of the fair value of level 2 financial assets and liabilities takes into consideration the risk of nonperformance, including counterparty credit risk. Level 3 — Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. The Company did not have any level 3 financial assets or liabilities as of January 2, 2021 or December 28, 2019. The following table presents assets and liabilities that were measured at fair value in the Consolidated Balance Sheet on a recurring basis as of January 2, 2021 and December 28, 2019: Derivatives designated as hedging instruments
(a)The fair value of the related hedged portion of the Company’s long-term debt, a level 2 liability, was $0.8 billion and $0.7 billion as of January 2, 2021 and December 28, 2019, respectively. Derivatives not designated as hedging instruments
The Company has designated a portion of its outstanding foreign currency denominated long-term debt as a net investment hedge of a portion of the Company’s investment in its subsidiaries foreign currency denominated net assets. The carrying value of this debt was $2.8 billion and $2.6 billion as of January 2, 2021 and December 28, 2019, respectively. The following amounts were recorded on the Consolidated Balance Sheet related to cumulative basis adjustments for existing fair value hedges as of January 2, 2021 and December 28, 2019.
(a)The hedged long-term debt includes $16 million and $15 million of hedging adjustment on discontinued hedging relationships as of January 2, 2021 and December 28, 2019, respectively. The Company has elected to not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if the Company were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheet as of January 2, 2021 and December 28, 2019 would be adjusted as detailed in the following table:
The effect of derivative instruments on the Consolidated Statement of Income for the years ended January 2, 2021 and December 28, 2019 were as follows: Derivatives and non-derivatives in net investment hedging relationships
The effect of fair value and cash flow hedge accounting on the Consolidated Income Statement for the years ended January 2, 2021 and December 28, 2019:
During the next 12 months, the Company expects $17 million of net deferred losses reported in accumulated other comprehensive income (AOCI) at January 2, 2021 to be reclassified to income, assuming market rates remain constant through contract maturities. Certain of the Company’s derivative instruments contain provisions requiring the Company to post collateral on those derivative instruments that are in a liability position if the Company’s credit rating falls below BB+ (S&P), or Baa1 (Moody’s). The fair value of all derivative instruments with credit-risk-related contingent features in a liability position on January 2, 2021 was not material. In addition, certain derivative instruments contain provisions that would be triggered in the event the Company defaults on its debt agreements. There were no collateral posting requirements as of January 2, 2021 triggered by credit-risk-related contingent features. Other fair value measurements Fair Value Measurements on a Nonrecurring Basis During the year ended December 29, 2018, long-lived assets of $19 million related to a manufacturing facility in the Company's North America reportable segment, were written down to an estimated fair value of $5 million due to Project K activities. The Company's calculation of the fair value of these long-lived assets is based on level 3 inputs, including market comparables, market trends and the condition of the assets. See Note 5 for more information regarding Project K. During the year ended January 2, 2021, the Company invested and sold $250 million in a mutual fund holding short term debt securities. The investment was measured at fair value using the net asset value (NAV) per share as a practical expedient and as a result, this investment has not been classified in the fair value hierarchy. The gain associated with the sale of the investment was less than $1 million and was recorded in other income and expense. The following is a summary of the carrying and market values of the Company's available for sale securities:
During the year ended December 28, 2019, the Company's investments in level 2 corporate bonds were sold for $63 million resulting in a gain of $4 million, recorded in Other income and (expense). The market values of the Company's investments in level 2 corporate bonds were based on matrices or models from pricing vendors. Unrealized gains and losses were included in the Consolidated Statement of Comprehensive Income. Additionally, these investments were recorded within Other current assets and Other assets on the Consolidated Balance Sheet, based on the maturity of the individual security. Financial instruments The carrying values of the Company’s short-term items, including cash, cash equivalents, accounts receivable, accounts payable, notes payable and current maturities of long-term debt approximate fair value. The fair value of the Company’s long-term debt, which are level 2 liabilities, is calculated based on broker quotes. The fair value and carrying value of the Company's long-term debt was $7.7 billion and $6.7 billion, respectively, as of January 2, 2021. Counterparty credit risk concentration The Company is exposed to credit loss in the event of nonperformance by counterparties on derivative financial and commodity contracts. Management believes a concentration of credit risk with respect to derivative counterparties is limited due to the credit ratings and use of master netting and reciprocal collateralization agreements with the counterparties and the use of exchange-traded commodity contracts. Master netting agreements apply in situations where the Company executes multiple contracts with the same counterparty. Certain counterparties represent a concentration of credit risk to the Company. If those counterparties fail to perform according to the terms of derivative contracts, this could result in a loss to the Company of approximately $12 million, net of collateral already received from those counterparties as of January 2, 2021. For certain derivative contracts, reciprocal collateralization agreements with counterparties call for the posting of collateral in the form of cash, treasury securities or letters of credit if a fair value loss position to the Company or its counterparties exceeds a certain amount. In addition, the company is required to maintain cash margin accounts in connection with its open positions for exchange-traded commodity derivative instruments executed with the counterparty that are subject to enforceable netting agreements. As of January 2, 2021, collateral related to reciprocal collateralization agreements and margin deposits for exchange-traded commodity derivative instruments, were immaterial. Management believes concentrations of credit risk with respect to accounts receivable is limited due to the generally high credit quality of the Company’s major customers, as well as the large number and geographic dispersion of smaller customers. However, the Company conducts a disproportionate amount of business with a small number of large multinational grocery retailers, with the five largest accounts encompassing approximately 29% of consolidated trade receivables at January 2, 2021. Refer to Note 1 for disclosures regarding the Company’s accounting policies for derivative instruments.
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Contingencies |
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Loss Contingencies [Abstract] | |
Contingencies Disclosure [Text Block] | CONTINGENCIES The Company is subject to various legal proceedings, claims, and governmental inspections or investigations in the ordinary course of business covering matters such as general commercial, governmental regulations, antitrust and trade regulations, product liability, environmental, intellectual property, workers’ compensation, employment and other actions. These matters are subject to uncertainty and the outcome is not predictable with assurance. The Company uses a combination of insurance and self-insurance for a number of risks, including workers’ compensation, general liability, automobile liability and product liability. In 2016, a class action complaint was filed against Kellogg in the Northern District of California relating to statements made on packaging for certain products. In August 2019, the Court ruled in favor of the plaintiff regarding certain statements made on the Company’s products and ordered the parties to conduct settlement discussions related to all matters in dispute. In October 2019, the plaintiff filed a motion to the Court to approve a settlement between Kellogg and the class. During 2019, the Company concluded that the contingency related to the unfavorable ruling was probable and estimable, resulting in a liability being recorded. In February 2020, the Court denied plaintiff’s motion to approve the settlement and the parties are continuing arbitration. This litigation, including any potential settlement, is not expected to have a material impact on the Company’s consolidated financial statements. The Company will continue to evaluate the likelihood of potential outcomes as the litigation continues. The Company has established accruals for certain matters where losses are deemed probable and reasonably estimable. There are other claims and legal proceedings pending against the Company for which accruals have not been established. It is reasonably possible that some of these matters could result in an unfavorable judgment against the Company and could require payment of claims in amounts that cannot be estimated at January 2, 2021. Based upon current information, management does not expect any of the claims or legal proceedings pending against the Company to have a material impact on the Company’s consolidated financial statements.
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Quarterly Financial Data |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information [Text Block] | QUARTERLY FINANCIAL DATA (unaudited)
The principal market for trading Kellogg shares (Ticker symbol: K) is the New York Stock Exchange (NYSE). At January 2, 2021 there were 30,305 shareholders of record. Dividends paid per share during the last two years were:
During 2020, the Company recorded the following in operating profit and other income (expense):
During 2019, the Company recorded the following in operating profit and other income (expense):
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Reportable Segments |
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Segment Reporting Disclosure [Text Block] | REPORTABLE SEGMENTS Kellogg Company is the world’s leading producer of cereal, second largest producer of crackers and a leading producer of savory snacks and frozen foods. Additional product offerings include toaster pastries, cereal bars, veggie foods, and noodles. Kellogg products are manufactured and marketed globally. Principal markets for these products include the United States, United Kingdom and Nigeria. The Company manages its operations through four operating segments that are based on geographic location - North America which includes U.S. businesses and Canada; Europe which consists principally of European countries; Latin America which consists of Central and South America and includes Mexico; and AMEA (Asia Middle East Africa) which consists of Africa, Middle East, Australia and other Asian and Pacific markets. These operating segments also represent our reportable segments. On July 28, 2019, the Company completed its sale of selected cookies, fruit and fruit flavored snacks, pie crusts, and ice cream cone businesses to Ferrero for approximately $1.3 billion in cash. Both the total assets and the net assets, consisting primarily of goodwill and intangibles, property, plant and equipment, and inventory, of the businesses were approximately $1.3 billion. The operating results for these businesses were primarily included in the North America reporting segment prior to the sale. Reported net sales for the divested businesses totaled $562 million and $893 million for the years ended December 28, 2019 and December 29, 2018, respectively. The measurement of reportable segment results is based on segment operating profit which is generally consistent with the presentation of operating profit in the Consolidated Statement of Income. Reportable segment results were as follows:
(a)During 2019, North America operating profit includes the recognition of multi-employer pension plan exit liabilities totaling $132 million. (b)Corporate operating profit in 2020 and 2019 includes the cost of certain global research and development activities that were previously included in the North America reportable segment in 2018 totaling approximately $48 million. (c)Includes asset impairment charges as discussed in Note 14. Certain items such as interest expense and income taxes, while not included in the measure of reportable segment operating results, are regularly reviewed by the CODM for the Company’s internationally-based reportable segments as shown below.
Assets are reviewed by the CODM on a consolidated basis and therefore are not presented by operating segment. The CODM does review additions to long-lived assets based on operating segment.
The Company’s largest customer, Wal-Mart Stores, Inc. and its affiliates, accounted for approximately 19% of consolidated net sales during 2020, 2019, and 2018, comprised principally of sales within the United States. Supplemental geographic information is provided below for net sales to external customers and long-lived assets:
Supplemental product information is provided below for net sales to external customers:
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Supplemental Financial Statement Data |
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Supplemental Financial Statement Data [Text Block] | SUPPLEMENTAL FINANCIAL STATEMENT DATA
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Accounting Policies (Policies) |
12 Months Ended |
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Accounting Policies [Abstract] | |
Basis of accounting [Policy Text Block] | The consolidated financial statements include the accounts of the Kellogg Company, those of the subsidiaries that it controls due to ownership of a majority voting interest (Kellogg or the Company). The Company continually evaluates its involvement with variable interest entities (VIEs) to determine whether it has variable interests and is the primary beneficiary of the VIE. When these criteria are met, the Company is required to consolidate the VIE. The Company’s share of earnings or losses of nonconsolidated affiliates is included in its consolidated operating results using the equity method of accounting when it is able to exercise significant influence over the operating and financial decisions of the affiliate. The Company uses the cost method of accounting if it is not able to exercise significant influence over the operating and financial decisions of the affiliate. Our investments in unconsolidated affiliates are evaluated, at least annually, for indicators of an other-than-temporary impairment. Intercompany balances and transactions are eliminated.The Company’s fiscal year normally ends on the Saturday closest to December 31 and as a result, a 53rd week is added approximately every sixth year. The Company's 2020 fiscal year ended on January 2, 2021 and included a 53rd week. While quarters normally consist of 13-week periods, the fourth quarter of fiscal 2020 included a 14th week. The Company’s 2019 and 2018 fiscal years each contained 52 weeks and ended on December 28, 2019, and December 29, 2018, respectively. |
Use of estimates [Policy Text Block] | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods reported. Actual results could differ from those estimates. |
Cash and cash equivalents [Policy Text Block] | Highly liquid investments with remaining stated maturities of three months or less when purchased are considered cash equivalents and recorded at cost. |
Accounts receivables [Policy Text Block] | Accounts receivable consists principally of trade receivables, which are recorded at the invoiced amount, net of allowances for doubtful accounts and prompt payment discounts. Trade receivables do not bear interest. The allowance for doubtful accounts represents management’s estimate of the amount of probable credit losses in existing accounts receivable, as determined from a review of past due balances, historical loss information, and an evaluation of customer accounts for potential future losses. Account balances are written off against the allowance when management determines the receivable is uncollectible. For the years ended 2020 and 2019 the Company did not have off-balance sheet credit exposure related to its customers. Please refer to Note 2 for information on sales of accounts receivable. |
Inventories [Policy Text Block] | Inventories are valued at the lower of cost or net realizable value. Cost is determined on an average cost basis. |
Property [Policy Text Block] | The Company’s property consists mainly of plants and equipment used for manufacturing activities. These assets are recorded at cost and depreciated over estimated useful lives using straight-line methods for financial reporting and accelerated methods, where permitted, for tax reporting. Major property categories are depreciated over various periods as follows (in years): manufacturing machinery and equipment 15-30; office equipment 5; computer equipment and capitalized software 3-7; building components 20; building structures 10-50. Cost includes interest associated with significant capital projects. Plant and equipment are reviewed for impairment when conditions indicate that the carrying value may not be recoverable. Such conditions include an extended period of idleness or a plan of disposal. Assets to be disposed of at a future date are depreciated over the remaining period of use. Assets to be sold are written down to realizable value at the time the assets are being actively marketed for sale and a sale is expected to occur within one year. There were no material assets held for sale at the year-end 2020 or 2019. |
Goodwill and other intangible assets [Policy Text Block] | Goodwill and indefinite-lived intangibles are not amortized, but are tested at least annually for impairment of value and whenever events or changes in circumstances indicate the carrying amount of the asset may be impaired. An intangible asset with a finite life is amortized on a straight-line basis over the estimated useful life, which materially approximates the pattern of economic benefit. For the goodwill impairment test, the fair value of the reporting units are estimated based on market multiples. This approach employs market multiples based on either sales or earnings before interest, taxes, depreciation and amortization for companies that are comparable to the Company’s reporting units. In the event the fair value determined using the market multiple approach is close to carrying value, the Company may supplement the fair value determination using discounted cash flows. The assumptions used for the impairment test are consistent with those utilized by a market participant performing similar valuations for the Company’s reporting units. Similarly, impairment testing of other intangible assets requires a comparison of carrying value to fair value of that particular asset. Fair values of non-goodwill intangible assets are based primarily on projections of future cash flows to be generated from that asset. For instance, cash flows related to a particular trademark would be based on a projected royalty stream attributable to branded product sales, discounted at rates consistent with rates used by market participants. These estimates are made using various inputs including historical data, current and anticipated market conditions, management plans, and market comparables.
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Accounts payable [Policy Text Block] | The Company has agreements with third parties to provide accounts payable tracking systems which facilitate participating suppliers’ ability to monitor and, if elected, sell payment obligations from the Company to designated third-party financial institutions. Participating suppliers may, at their sole discretion, make offers to sell one or more payment obligations of the Company prior to their scheduled due dates at a discounted price to participating financial institutions. The Company’s goal is to capture overall supplier savings, in the form of payment terms or vendor funding, and the agreements facilitate the suppliers’ ability to sell payment obligations, while providing them with greater working capital flexibility. The Company has no economic interest in the sale of these suppliers’ receivables and no direct financial relationship with the financial institutions concerning these services. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to sell amounts under the arrangements. However, the Company’s right to offset balances due from suppliers against payment obligations is restricted by the agreements for those payment obligations that have been sold by suppliers. The payment of these obligations by the Company is included in cash used in operating activities in the Consolidated Statement of Cash Flows. As of January 2, 2021, $909 million of the Company’s outstanding payment obligations had been placed in the accounts payable tracking system, and participating suppliers had sold $670 million of those payment obligations to participating financial institutions. As of December 28, 2019, $812 million of the Company’s outstanding payment obligations had been placed in the accounts payable tracking system, and participating suppliers had sold $605 million of those payment obligations to participating financial institutions. |
Revenue recognition [Policy Text Block] | The Company recognizes sales upon delivery of its products to customers. Revenue, which includes shipping and handling charges billed to the customer, is reported net of applicable discounts, returns, allowances, and various government withholding taxes. Methodologies for determining these provisions are dependent on local customer pricing and promotional practices, which range from contractually fixed percentage price reductions to reimbursement based on actual occurrence or performance. Where applicable, future reimbursements are estimated based on a combination of historical patterns and future expectations regarding specific in-market product performance. The Company recognizes revenue from the sale of food products which are sold to retailers through direct sales forces, broker and distributor arrangements. The Company also recognizes revenue from the license of our trademarks granted to third parties who uses these trademarks on their merchandise and revenue from hauling services provided to third parties within certain markets. Revenue from these licenses and hauling services is not material to the Company. Contract balances recognized in the current period that are not the result of current period performance are not material to the Company. The Company also does not incur costs to obtain or fulfill contracts. The Company does not adjust the promised amount of consideration for the effects of significant financing components as the Company expects, at contract inception, that the period between the transfer of a promised good or service to a customer and when the customer pays for that good or service will be one year or less. The Company accounts for shipping and handling activities that occur before the customer has obtained control of a good as fulfillment activities (i.e., an expense) rather than as a promised service. The Company excludes from the measurement of transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer for sales taxes. Performance obligations The Company recognizes revenue when (or as) performance obligations are satisfied by transferring control of the goods to customers. Control is transferred upon delivery of the goods to the customer. The customer is invoiced with payment terms which are commensurate with the customer’s credit profile. Shipping and/or handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs. The Company assesses the goods and services promised in its customers’ purchase orders and identifies a performance obligation for each promise to transfer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, the Company considers all the goods or services promised, whether explicitly stated or implied based on customary business practices. For a purchase order that has more than one performance obligation, the Company allocates the total consideration to each distinct performance obligation on a relative standalone selling price basis. Significant Judgments The Company offers various forms of trade promotions and the methodologies for determining these provisions are dependent on local customer pricing and promotional practices, which range from contractually fixed percentage price reductions to provisions based on actual occurrence or performance. Where applicable, future provisions are estimated based on a combination of historical patterns and future expectations regarding specific in-market product performance. The Company's promotional activities are conducted either through the retail trade or directly with consumers and include activities such as in-store displays and events, feature price discounts, consumer coupons, contests and loyalty programs. The costs of these activities are generally recognized at the time the related revenue is recorded, which normally precedes the actual cash expenditure. The recognition of these costs therefore requires management judgment regarding the volume of promotional offers that will be redeemed by either the retail trade or consumer. These estimates are made using various techniques including historical data on performance of similar promotional programs. Differences between estimated expense and actual redemptions are normally immaterial and recognized as a change in management estimate in a subsequent period.
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Advertising and promotion [Policy Text Block] | The Company expenses production costs of advertising the first time the advertising takes place. Advertising expense is classified in selling, general and administrative (SGA) expense. The Company classifies promotional payments to its customers, the cost of consumer coupons, and other cash redemption offers in net sales. Promotional allowances are estimated using various techniques including historical cash expenditure and redemption experience and patterns. Differences between estimated expense and actual redemptions are normally immaterial and recognized as a change in management estimate in a subsequent period. The liability associated with these promotions are recorded in other current liabilities. The cost of promotional package inserts is recorded in cost of goods sold (COGS). Other types of consumer promotional expenditures are recorded in SGA expense.
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Research and development [Policy Text Block] | The costs of research and development (R&D) are expensed as incurred and are classified in SGA expense. R&D includes expenditures for new product and process innovation, as well as significant technological improvements to existing products and processes. The Company’s R&D expenditures primarily consist of internal salaries, wages, consulting, and supplies attributable to time spent on R&D activities. Other costs include depreciation and maintenance of research facilities and equipment, including assets at manufacturing locations that are temporarily engaged in pilot plant activities. |
Share-based compensation [Policy Text Block] | The Company uses stock-based compensation, including stock options, restricted stock, restricted stock units, and executive performance shares, to provide long-term performance incentives for its global workforce. The Company classifies pre-tax stock compensation expense in SGA and COGS within its corporate operations. Expense attributable to awards of equity instruments is recorded in capital in excess of par value in the Consolidated Balance Sheet. Certain of the Company’s stock-based compensation plans contain provisions that prorate vesting of awards upon retirement, disability, or death of eligible employees and directors. A stock-based award is considered vested for expense attribution purposes when the employee’s retention of the award is no longer contingent on providing subsequent service. Accordingly, the Company recognizes compensation cost immediately for awards granted to retirement-eligible individuals or over the period from the grant date to the date retirement eligibility is achieved, if less than the stated vesting period. The Company recognizes compensation cost for stock option awards that have a graded vesting schedule on a straight-line basis over the requisite service period for the entire award.
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Income taxes [Policy Text Block] | The Company recognizes uncertain tax positions based on a benefit recognition model. Provided that the tax position is deemed more likely than not of being sustained, the Company recognizes the largest amount of tax benefit that is greater than 50 percent likely of being ultimately realized upon settlement. The tax position is derecognized when it is no longer more likely than not of being sustained. The Company classifies income tax-related interest and penalties as interest expense and SGA expense, respectively, on the Consolidated Statement of Income. The current portion of the Company’s unrecognized tax benefits is presented in the Consolidated Balance Sheet in other current assets and other current liabilities, and the amounts expected to be settled after one year are recorded in other assets and other liabilities. Management monitors the Company’s ability to utilize certain future tax deductions, operating losses and tax credit carryforwards, prior to expiration as well as the reinvestment assertion regarding our undistributed foreign earnings. Changes resulting from management’s assessment will result in impacts to deferred tax assets and the corresponding impacts on the effective income tax rate. Valuation allowances were recorded to reduce deferred tax assets to an amount that will, more likely than not, be realized in the future.
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Derivatives instruments[Policy Text Block] | The fair value of derivative instruments is recorded in other current assets, other assets, other current liabilities or other liabilities. Derivative instruments are classified on the Consolidated Balance Sheet based on the contractual maturity of the instrument or the timing of the underlying cash flows of the instrument for derivatives with contractual maturities beyond one year. Any collateral associated with derivative instruments is classified as other assets or other current liabilities on the Consolidated Balance Sheet depending on whether the counterparty collateral is in an asset or liability position. Margin deposits related to exchange-traded commodities are recorded in accounts receivable, net on the Consolidated Balance Sheet. On the Consolidated Statement of Cash Flows, cash flows associated with derivative instruments are classified according to the nature of the underlying hedged item. Cash flows associated with collateral and margin deposits on exchange-traded commodities are classified as investing cash flows when the collateral account is in an asset position and as financing cash flows when the collateral account is in a liability position. Gains and losses representing either hedge ineffectiveness, hedge components excluded from the assessment of effectiveness, or hedges of translational exposure are recorded in the Consolidated Statement of Income in other income (expense), net (OIE) or interest expense. In the Consolidated Statement of Cash Flows, settlements of cash flow and fair value hedges are classified as an operating activity; settlements of all other derivative instruments, including instruments for which hedge accounting has been discontinued, are classified consistent with the nature of the instrument. Cash flow hedges. Qualifying derivatives are accounted for as cash flow hedges when the hedged item is a forecasted transaction. Gains and losses on these instruments are recorded in other comprehensive income until the underlying transaction is recorded in earnings. When the hedged item is realized, gains or losses are reclassified from accumulated other comprehensive income (loss) (AOCI) to the Consolidated Statement of Income on the same line item as the underlying transaction. Fair value hedges. Qualifying derivatives are accounted for as fair value hedges when the hedged item is a recognized asset, liability, or firm commitment. Gains and losses on these instruments are recorded in earnings, offsetting gains and losses on the hedged item. Net investment hedges. Qualifying derivative and nonderivative financial instruments are accounted for as net investment hedges when the hedged item is a nonfunctional currency investment in a subsidiary. Gains and losses on these instruments are included in foreign currency translation adjustments in AOCI. Derivatives not designated for hedge accounting. Gains and losses on these instruments are recorded in the Consolidated Statement of Income, on the same line item as the underlying hedged item. Foreign currency exchange risk. The Company is exposed to fluctuations in foreign currency cash flows related primarily to third-party purchases, intercompany transactions and when applicable, nonfunctional currency denominated third-party debt. The Company is also exposed to fluctuations in the value of foreign currency investments in subsidiaries and cash flows related to repatriation of these investments. Additionally, the Company is exposed to volatility in the translation of foreign currency denominated earnings to U.S. dollars. Management assesses foreign currency risk based on transactional cash flows and translational volatility and may enter into forward contracts, options, and currency swaps to reduce fluctuations in long or short currency positions. Forward contracts and options are generally less than 18 months duration. For foreign currency cash flow and fair value hedges, the assessment of effectiveness is generally based on changes in spot rates. Changes in time value are reported in OIE. Interest rate risk. The Company is exposed to interest rate volatility with regard to future issuances of fixed rate debt and existing and future issuances of variable rate debt. The Company periodically uses interest rate swaps, including forward-starting swaps, to reduce interest rate volatility and funding costs associated with certain debt issues, and to achieve a desired proportion of variable versus fixed rate debt, based on current and projected market conditions. Fixed-to-variable interest rate swaps are accounted for as fair value hedges and the assessment of effectiveness is based on changes in the fair value of the underlying debt, using incremental borrowing rates currently available on loans with similar terms and maturities. Price risk. The Company is exposed to price fluctuations primarily as a result of anticipated purchases of raw and packaging materials, fuel, and energy. The Company has historically used the combination of long-term contracts with suppliers, and exchange-traded futures and option contracts to reduce price fluctuations in a desired percentage of forecasted raw material purchases over a duration of generally less than 18 months.
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Pension benefits, nonpension postretirement and postemployment benefits [Policy Text Block] | The Company sponsors a number of U.S. and foreign plans to provide pension, health care, and other welfare benefits to retired employees, as well as salary continuance, severance, and long-term disability to former or inactive employees. The recognition of benefit expense is based on actuarial assumptions, such as discount rate, long-term rate of compensation increase, and long-term rate of return on plan assets and health care cost trend rate. Service cost is reported in COGS and SGA expense on the Consolidated Statement of Income. All other components of net periodic pension cost are included in OIE. Postemployment benefits. The Company recognizes an obligation for postemployment benefit plans that vest or accumulate with service. Obligations associated with the Company’s postemployment benefit plans, which are unfunded, are included in other current liabilities and other liabilities on the Consolidated Balance Sheet. All gains and losses are recognized over the average remaining service period of active plan participants. Postemployment benefits that do not vest or accumulate with service or benefits to employees in excess of those specified in the respective plans are expensed as incurred. Pension and nonpension postretirement benefits. The Company recognizes actuarial gains and losses in operating results in the year in which they occur. Experience gains and losses are recognized annually as of the measurement date, which is the Company’s fiscal year-end, or when remeasurement is otherwise required under generally accepted accounting principles. The Company uses the fair value of plan assets to calculate the expected return on plan assets. Reportable segments are allocated service cost. All other components of pension and postretirement benefit expense, including interest cost, expected return on assets, prior service cost, and experience gains and losses are considered unallocated corporate costs and are not included in the measure of reportable segment operating results. See Note 17 for more information on reportable segments. Management reviews the Company’s expected long-term rates of return annually; however, the benefit trust investment performance for one particular year does not, by itself, significantly influence this evaluation. The expected rates of return are generally not revised provided these rates fall between the 25th and 75th percentile of expected long-term returns, as determined by the Company’s modeling process. For defined benefit pension and postretirement plans, the Company records the net overfunded or underfunded position as a pension asset or pension liability on the Consolidated Balance Sheet.
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New Accounting Pronouncements, Policy [Policy Text Block] | New accounting standards Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. In February 2018, the Financial Accounting Standards Board (FASB) issued an Accounting Standard Update (ASU) permitting a company to reclassify the disproportionate income tax effects of the Tax Cuts and Jobs Act of 2017 on items within accumulated other comprehensive income (AOCI) to retained earnings. We elected to adopt the ASU effective in the first quarter of 2019 and reclassified the disproportionate income tax effect recorded within AOCI to retained earnings. This resulted in a decrease to AOCI and an increase to retained earnings of $22 million. The adjustment primarily related to deferred taxes previously recorded for pension and other postretirement benefits, as well as hedging positions for debt and net investment hedges. Leases. In February 2016, the FASB issued an ASU which requires the recognition of lease assets and lease liabilities by lessees for all leases with terms greater than 12 months. The distinction between finance leases and operating leases remains, with similar classification criteria as current GAAP to distinguish between capital and operating leases. The principal difference from previous guidance is that the lease assets and lease liabilities arising from operating leases are recognized on the Consolidated Balance Sheet. Lessor accounting remains substantially similar to previous GAAP. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company adopted the ASU in the first quarter of 2019, using the optional transition method that allows for a cumulative-effect adjustment in the period of adoption with no restatement of prior periods. The Company elected the package of practical expedients permitted under the transition guidance that allows for the carry forward of historical lease classifications and consistent treatment of initial direct costs for existing leases. The Company also elected to apply the practical expedient that allows the continued historical treatment of land easements. The Company did not elect the practical expedient for the use of hindsight in evaluating the expected lease term of existing leases. The adoption of the ASU resulted in the recording of operating lease assets and operating lease liabilities of approximately $453 million to $461 million respectively, as of December 30, 2018. The difference between the additional lease assets and lease liabilities, represents existing deferred rent and prepaid lease balances that were reclassified on the balance sheet. The adoption of the ASU did not have a material impact to the Company’s Consolidated Statements of Income or Cash Flows. Cloud Computing Arrangements. In August 2018, the FASB issued ASU 2018-15: Intangibles - Goodwill and Other - Internal-Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. The ASU allows companies to capitalize implementation costs incurred in a hosting arrangement that is a service contract over the term of the hosting arrangement, including periods covered by renewal options that are reasonably certain to be exercised. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019 and can be applied retrospectively or prospectively. Early adoption is permitted. The Company adopted the ASU in the first quarter of 2020 and elected to apply it prospectively. The adoption did not have a material impact to the Company's Consolidated Financial Statements. Compensation Retirement Benefits. In August 2018, the FASB issued ASU 2018-14: Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. The ASU removed disclosures that no longer are considered cost beneficial, clarified the specific requirements of disclosures, and added disclosure requirements identified as relevant. The ASU is effective for fiscal years ending after December 15, 2020 and can be applied retrospectively or prospectively. Early adoption is permitted. The Company adopted the ASU in 2020. The adoption did not have a material impact to the Company's Consolidated Financial Statements.
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Divestiures, West Africa Investments and Acquisitions (Tables) |
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Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Business acquisition, pro forma information | The Company's consolidated unaudited pro forma historical net sales and net income, as if Multipro had been acquired at the beginning of 2017, exclusive of the non-cash $245 million gain on the disposition of the equity interest recognized in the second quarter of 2018, are estimated as follows:
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Goodwill and Other Intangible Assets (Tables) |
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Schedule of Goodwill [Table Text Block] | Changes in the carrying amount of goodwill, intangible assets subject to amortization, consisting primarily of customer relationships, and indefinite-lived intangible assets, consisting of brands and distribution agreements, are presented in the following tables: Carrying amount of goodwill
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Schedule of Finite-Lived Intangible Assets [Table Text Block] |
(a) The currently estimated aggregate amortization expense for each of the next five succeeding fiscal periods is approximately $28 million per year through 2025.
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Schedule of Indefinite-Lived Intangible Assets [Table Text Block] |
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Restructuring and Cost Reduction Activities (Tables) |
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Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring and Cost Reduction Activities |
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Schedule of Exit Cost Reserves |
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Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification out of AOCI |
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Summary of Accumulated Other Comprehensive Income (Loss) |
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Leases and Other Commitments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of supplemental operating lease information |
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Operating leases future maturities | At January 2, 2021, future maturities of operating leases were as follows:
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Debt (Tables) |
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Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term Debt [Table Text Block] |
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Schedule of Debt [Table Text Block] | The following table presents the components of long-term debt at year end January 2, 2021 and December 28, 2019:
(a)In March 2016, the Company issued $650 million of thirty-year 4.50% U.S. Dollar Notes, using the net proceeds for general corporate purposes, which included repayment of a portion of the Company's 7.45% U.S. Dollar Debentures due 2031 and a portion of its commercial paper borrowings. The effective interest rate on the Notes, reflecting issuance discount and hedge settlement, was 4.60% at January 2, 2021. (b)In March 2001, the Company issued long-term debt instruments, primarily to finance the acquisition of Keebler Foods Company, of which $625 million of thirty-year 7.45% Debentures remain outstanding. The effective interest rate on the Debentures, reflecting issuance discount and hedge settlement, was 7.56% at January 2, 2021. The Debentures contain standard events of default and covenants, and can be redeemed in whole or in part by the Company at any time at prices determined under a formula (but not less than 100% of the principal amount plus unpaid interest to the redemption date). (c)In May of 2020, the Company issued $500 million of ten-year 2.10% Notes, using the net proceeds for general corporate purposes, which included repayment of a portion of the $600 million 4.00% Notes due 2020 at maturity. The effective interest rate on the Notes reflecting issuance discount and hedge settlement, was 3.05% at January 2, 2021. (d)In May 2018, the Company issued $600 million of ten-year 4.30% Senior Notes, using the net proceeds for general corporate purposes, which included repayment of the Company's $400 million, seven-year 3.25% U.S. Dollar Notes due 2018 at maturity, and the repayment of a portion of the Company's commercial paper borrowings used to finance the acquisition of ownership interests in TAF and Multipro. The effective interest rate on the Notes, reflecting issuance discount and hedge settlement, was 4.34% at January 2, 2021. (e)In November 2017, the Company issued $600 million of ten-year 3.40% U.S. Dollar Notes, using the net proceeds for general corporate purposes, which included repayment of a portion of the Company's commercial paper borrowings used to finance the acquisition of Chicago Bar Company LLC, the maker of RXBAR. The effective interest rate on the Notes, reflecting issuance discount and hedge settlement, was 3.49% at January 2, 2021. (f)In March 2016, the Company issued $750 million of ten-year 3.25% U.S. Dollar Notes, using the net proceeds for general corporate purposes, which included repayment of a portion of the Company's 7.45% U.S. Dollar Debentures due 2031 and a portion of its commercial paper borrowings. The effective interest rate on these Notes, reflecting issuance discount, hedge settlement and interest rate swaps was 4.23% at January 2, 2021. In September 2016, the Company entered into interest rate swaps with notional amounts totaling $300 million, which effectively converted a portion of these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. This interest rate swap was subsequently terminated and undesignated. In October 2018, the Company entered into interest rate swaps with notional amounts totaling $450 million, which effectively converted a portion of these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. The Company subsequently terminated this interest rate swap. The resulting unamortized loss from swap activity of $5 million at January 2, 2021 will be amortized to interest expense over the remaining term of the Notes. (g)In March 2015, the Company issued €600 million (approximately $733 million at January 2, 2021, which reflects the discount, fees and translation adjustments) of ten-year 1.25% Euro Notes, using the proceeds from these Notes for general corporate purposes, which included repayment of a portion of the Company’s commercial paper borrowings. The effective interest rate on the Notes, reflecting issuance discount, hedge settlement and interest rate swaps, was 1.62% at January 2, 2021. The Notes were designated as a net investment hedge of the Company’s investment in its Europe subsidiary when issued. In May 2017, the Company entered into interest rate swaps with notional amounts totaling €600 million, which effectively converted these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. The Company subsequently terminated the interest rate swaps, and the resulting unamortized gain of $17 million at January 2, 2021 will be amortized to interest expense over the remaining term of the Notes. (h)In May 2016, the Company issued €600 million (approximately $733 million USD at January 2, 2021, which reflects the discount, fees and translation adjustments) of eight-year 1.00% Euro Notes. The proceeds from these Notes were used for general corporate purposes, including, together with cash on hand and additional commercial paper borrowings, repayment of the Company's $750 million, seven-year 4.45% U.S. Dollar Notes due 2016 at maturity. The Notes were designated as a net investment hedge of the Company’s investment in its Europe subsidiary when issued. The effective interest rate on these Notes, reflecting issuance discount, hedge settlement and interest rate swaps was 0.17% at January 2, 2021. In November 2016, the Company entered into interest rate swaps with notional amounts totaling €300 million, which effectively converted a portion of these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. In October 2018, the Company entered into interest rate swaps with notional amounts totaling €300 million, which effectively converted a portion of these Notes from a fixed rate to a floating rate obligation. The Company subsequently terminated these swaps, and the resulting unamortized gain of $17 million at January 2, 2021 will be amortized to interest expense over the remaining term of the Notes. In May of 2019, the Company entered into interest rate swaps with notional amounts totaling €600 million, which effectively converted a portion of these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. The fair value adjustment for the interest rate swaps was $9 million at January 2, 2021, recorded as an increase in the hedged debt balance. (i)In November 2016, the Company issued $600 million of seven-year 2.65% U.S. Dollar Notes, using the net proceeds for general corporate purposes, which included repayment of the Company's 1.875% U.S. Dollar Notes due 2016 at maturity and a portion of its commercial paper borrowings. The effective interest rate on these Notes, reflecting issuance discount, hedge settlement and interest rate swaps was 3.08% at January 2, 2021. In 2016, the Company entered into interest rate swaps with notional amounts totaling $300 million, which effectively converted a portion of these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. The Company subsequently terminated the interest rate swaps, and the resulting unamortized loss of $7 million at January 2, 2021 will be amortized to interest expense over the remaining term of the Notes. In 2019, the Company redeemed $50 million of the Notes. In connection with the debt redemption, the Company incurred $2 million of interest expense, consisting primarily of a premium on the tender offer. (j)In February 2013, the Company issued $400 million ($189 million previously redeemed) of ten-year 2.75% U.S. Dollar Notes, using net proceeds from these Notes for general corporate purposes, including, together with cash on hand, to repay a portion of the Company’s $750 million 4.25% U.S. Dollar Notes that matured in March 2013. The effective interest rate on these Notes, reflecting issuance discount hedge settlement and interest rate swaps, was 4.17%. In September 2016, the Company entered into interest rate swaps with notional amounts totaling $211 million, which effectively converted these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. The Company subsequently terminated the interest rate swaps, and the resulting unamortized loss of $6 million at January 2, 2021 will be amortized to interest expense over the remaining term of the Notes. (k)In May 2012, the Company issued $700 million ($342 million previously redeemed) of ten-year 3.125% U.S. Dollar Notes, using the net proceeds from these Notes for general corporate purposes, including financing a portion of the acquisition of Pringles. During 2020, the Company redeemed the remaining $358 million of the Notes. In conjunction with the debt redemption, the Company incurred $17 million of interest expense, consisting primarily of a premium on the tender offer. (l)In May 2017, the Company issued €600 million (approximately $733 million USD at January 2, 2021, which reflects the discount and translation adjustments) of five-year 0.80% Euro Notes, using the proceeds from these Notes for general corporate purposes, including, repayment of the Company's $400 million, five-year 1.75% U.S. Dollar Notes due 2017 at maturity. The effective interest rate on the Notes, reflecting issuance discount and hedge settlement, was 0.87%. The Notes were designated as a net investment hedge of the Company's investment in its Europe subsidiary when issued. (m)In May 2014, the Company issued €500 million (approximately $611 million at January 2, 2021, which reflects the discount and translation adjustments) of seven-year 1.75% Euro Notes, using the proceeds from these Notes for general corporate purposes, which included repayment of a portion of the Company’s commercial paper borrowings. The effective interest rate on the Notes, reflecting issuance discount and hedge settlement, was 2.36% at January 2, 2021. The Notes were designated as a net investment hedge of the Company’s investment in its Europe subsidiary when issued. (n)In May 2018, the Company issued $400 million of three-year 3.25% Senior Notes, using the net proceeds for general corporate purposes, which included repayment of the Company's $400 million, seven-year 3.25% U.S. Dollar Notes due 2018 at maturity, and the repayment of a portion of the Company's commercial paper borrowings used to finance the acquisition of ownership interests in TAF and Multipro. In 2019, the Company redeemed $202 million of the Notes. In connection with the dept redemption, the Company incurred $6 million of interest expense, consisting primarily of a premium on the tender offer. In 2020, the Company redeemed the remaining $198 million of the Notes. In conjunction with the debt redemption, the Company incurred $3 million of interest expense, consisting primarily of a premium on the tender offer. (o)In December 2010, the Company issued $1.0 billion ($150 million previously redeemed) of ten-year 4.0% fixed rate U.S. Dollar Notes, using the net proceeds from these Notes for incremental pension and postretirement benefit plan contributions and to retire a portion of its commercial paper. In 2019, the Company redeemed $248 million of the Notes. In connection with the debt redemption, the Company incurred $6 million of interest expense, consisting primarily of a premium on the tender offer, which was partially offset by accelerated gains on pre-issuance interest rate hedges. The remaining balance was redeemed at maturity in December of 2020.
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Stock Compensation (Tables) |
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Compensation Expense For Equity Programs And Related Tax Benefits Text Block [Table Text Block] |
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Schedule of Cash and Tax Benefits Received Upon Exercise of Stock Options and Similar Instruments [Table Text Block] |
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Schedule of Stock Option Valuation Model Assumptions for Grants [Table Text Block] |
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Share-based Payment Arrangement, Activity [Table Text Block] |
Additionally, option activity for the comparable prior year periods is presented in the following table:
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Summary of Restricted Stock Summary [Table Text Block] |
Additionally, restricted stock unit activity for 2019 and 2018 is presented in the following table:
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Pension Benefits (Tables) - Pension |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Company Plan Benefit Expense [Table Text Block] |
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Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] |
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Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets | Information for pension plans with projected benefit obligations in excess of plan assets were:
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Schedule of Net Benefit Costs [Table Text Block] |
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Defined Benefit Plan, Assumptions [Table Text Block] |
The worldwide weighted-average actuarial assumptions used to determine annual net periodic benefit cost were:
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Schedule of Allocation of Plan Assets [Table Text Block] |
(a) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value of Plan assets at December 28, 2019 are summarized as follows:
(a) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
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Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | Changes in fair value of the Plan's Level 3 assets are summarized as follows:
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Nonpension Postretirement and Postemployment Benefits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonpension Postretirement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] |
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Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] | Information for postretirement benefit plans with accumulated benefit obligations in excess of plan assets were:
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Schedule of Net Benefit Costs [Table Text Block] |
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Defined Benefit Plan, Assumptions [Table Text Block] |
The weighted-average actuarial assumptions used to determine annual net periodic benefit cost were:
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Schedule of Allocation of Plan Assets [Table Text Block] |
(a) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value of Plan assets at December 28, 2019 are summarized as follows:
(a) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
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Postemployment [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] |
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Schedule of Net Benefit Costs [Table Text Block] |
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Schedule of Expected Benefit Payments [Table Text Block] |
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Multipemployer Pension and Postretirement Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multiemployer Plan, Pension, Insignificant [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Multiemployer Plans [Table Text Block] |
(a)The Company is party to multiple CBAs requiring contributions to this fund, each with its own expiration date. Over 80 percent of the Company’s participants in this fund are covered by a single CBA that expires on 4/16/2021. (b)The Company does not expect 2021 contributions to be materially different than 2020. (c)During 2019, the Company terminated CBAs covered by this fund. As a result, the Company has withdrawn from the fund and recognized expense for its estimated withdrawal liability. The Company does not expect to make 2021 contributions. (d)The Company does not expect 2021 contributions to be materially different than 2020. (e)During 2019, the Company terminated the CBAs covered by certain of these funds. As a result, for the impacted funds, the Company recognized expense for the estimated withdrawal liability in each year and no longer made contributions following the termination. The Company does not expect 2021 contributions to the remaining funds to be materially different from 2020.
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Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income before Income Tax and Provision for Income Taxes [Table Text Block] |
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Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
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Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
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Summary of Valuation Allowance [Table Text Block] |
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Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block] |
(a) During the fourth quarter of 2018, the Company recorded, as part of its final estimate under SAB 118, $47 million of tax reserves related to uncertainty in our interpretation of the statute and associated regulations. (b) During the third quarter of 2020, the Company released $32 million of tax reserves as a result of finalization of an IRS tax examination.
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Derivative Instruments and Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Total Notional Amounts of the Company's Derivative Instruments |
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Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents assets and liabilities that were measured at fair value in the Consolidated Balance Sheet on a recurring basis as of January 2, 2021 and December 28, 2019: Derivatives designated as hedging instruments
(a)The fair value of the related hedged portion of the Company’s long-term debt, a level 2 liability, was $0.8 billion and $0.7 billion as of January 2, 2021 and December 28, 2019, respectively. Derivatives not designated as hedging instruments
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Schedule of Derivative Instruments in Statement of Financial Position Fair Value | The following amounts were recorded on the Consolidated Balance Sheet related to cumulative basis adjustments for existing fair value hedges as of January 2, 2021 and December 28, 2019.
(a)The hedged long-term debt includes $16 million and $15 million of hedging adjustment on discontinued hedging relationships as of January 2, 2021 and December 28, 2019, respectively.
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Offsetting Assets |
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Offsetting Liabilities |
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Schedule of the Effect of Derivative Instrument on the Consolidated Statement of Income | The effect of derivative instruments on the Consolidated Statement of Income for the years ended January 2, 2021 and December 28, 2019 were as follows: Derivatives and non-derivatives in net investment hedging relationships
The effect of fair value and cash flow hedge accounting on the Consolidated Income Statement for the years ended January 2, 2021 and December 28, 2019:
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Available-for-sale securities | The following is a summary of the carrying and market values of the Company's available for sale securities:
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Quarterly Financial Data (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Quarterly Financial Data Net Sales And Gross Profit [Table Text Block] |
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Schedule Of Quarterly Financial Data Net Income And Earnings Per Share [Table Text Block] |
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Schedule Of Quarterly Financial Data Dividends Per Share And Stock Prices [Table Text Block] |
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Schedule Of Quarterly Financial Data Charges Gain In Operating Profit [Table Text Block] | During 2020, the Company recorded the following in operating profit and other income (expense):
During 2019, the Company recorded the following in operating profit and other income (expense):
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Reportable Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule of Segment Reporting Information, by Segment [Table Text Block] |
(a)During 2019, North America operating profit includes the recognition of multi-employer pension plan exit liabilities totaling $132 million. (b)Corporate operating profit in 2020 and 2019 includes the cost of certain global research and development activities that were previously included in the North America reportable segment in 2018 totaling approximately $48 million. (c)Includes asset impairment charges as discussed in Note 14.
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Schedule of Interest Expense and Income Tax Expense by Segment [Table Text Block] |
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Schedule of Additions to Long Lived Assets by Segment [Table Text Block] |
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Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] |
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Revenue from External Customers by Products and Services [Table Text Block] |
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Supplemental Financial Statement Data (Tables) |
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Supplemental Financial Data Consolidated Statement Of Income [Table Text Block] |
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Supplemental Financial Data Consolidated Balance Sheet [Table Text Block] |
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Supplemental Financial Data Allowance For Doubtful Accounts [Table Text Block] |
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Sale of Accounts Receivable (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
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Monetization Program | |||
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Gain (Loss) on Sale of Accounts Receivable | $ (14) | $ (25) | $ (26) |
Monetization Program | Maximum | |||
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Transfers Of Accounts Receivable Agreements | 1,033 | ||
Monetization Program | Sold And Outstanding | |||
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Transfer of Accounts Receivable Agreements | 783 | 774 | |
Kellogg Foreign Subsidiaries Program | Sold And Outstanding | |||
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Transfer of Accounts Receivable Agreements | $ 55 | $ 89 |
Divestiures, West Africa Investments and Acquisitions Multipro Schedule of Pro Forma Results Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 02, 2021 |
Sep. 26, 2020 |
Jun. 27, 2020 |
Mar. 28, 2020 |
Dec. 28, 2019 |
Sep. 28, 2019 |
Jun. 29, 2019 |
Mar. 30, 2019 |
Jun. 30, 2018 |
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
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Business Acquisition [Line Items] | ||||||||||||
Net sales | $ 3,464 | $ 3,429 | $ 3,465 | $ 3,412 | $ 3,223 | $ 3,372 | $ 3,461 | $ 3,522 | $ 13,770 | $ 13,578 | $ 13,547 | |
Net income attributable to Kellogg | $ 205 | $ 348 | $ 351 | $ 347 | $ 145 | $ 247 | $ 286 | $ 282 | 1,251 | 960 | 1,336 | |
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 0 | $ 0 | 200 | |||||||||
Multipro | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Net sales | 536 | |||||||||||
Net income attributable to Kellogg | 8 | |||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 245 | $ 245 |
Divestiures, West Africa Investments and Acquisitions Multipro Schedule of Pro Forma Results (Details) - Multipro - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 29, 2018 |
Dec. 30, 2017 |
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Business Acquisition [Line Items] | ||
Pro forma net sales | $ 13,829 | $ 13,511 |
Pro forma net income attributable to Kellogg Company | $ 1,336 | $ 1,255 |
Divestiures, West Africa Investments and Acquisitions Investment in TAF Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 02, 2021 |
Sep. 26, 2020 |
Jun. 27, 2020 |
Mar. 28, 2020 |
Dec. 28, 2019 |
Sep. 28, 2019 |
Jun. 29, 2019 |
Mar. 30, 2019 |
Dec. 29, 2018 |
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
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Business Acquisition [Line Items] | ||||||||||||
Net sales | $ 3,464 | $ 3,429 | $ 3,465 | $ 3,412 | $ 3,223 | $ 3,372 | $ 3,461 | $ 3,522 | $ 13,770 | $ 13,578 | $ 13,547 | |
Tolaram Africa Foods (TAF) PTE LTD | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Equity method investment, aggregate cost | $ 458 | 458 | ||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 45 | |||||||||||
Net sales | $ 350 | $ 586 | $ 581 |
Goodwill and Other Intangible Assets Carrying Amount of Goodwill (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
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Goodwill [Roll Forward] | ||
Goodwill | $ 5,861 | $ 6,050 |
Divestiture | (191) | |
Goodwill, Currency Translation Adjustments | (62) | 2 |
Goodwill | 5,799 | 5,861 |
North America | ||
Goodwill [Roll Forward] | ||
Goodwill | 4,422 | 4,611 |
Divestiture | (191) | |
Goodwill, Currency Translation Adjustments | 1 | 2 |
Goodwill | 4,423 | 4,422 |
Europe | ||
Goodwill [Roll Forward] | ||
Goodwill | 347 | 346 |
Divestiture | 0 | |
Goodwill, Currency Translation Adjustments | 20 | 1 |
Goodwill | 367 | 347 |
Latin America | ||
Goodwill [Roll Forward] | ||
Goodwill | 213 | 218 |
Divestiture | 0 | |
Goodwill, Currency Translation Adjustments | (33) | (5) |
Goodwill | 180 | 213 |
AMEA | ||
Goodwill [Roll Forward] | ||
Goodwill | 879 | 875 |
Divestiture | 0 | |
Goodwill, Currency Translation Adjustments | (50) | 4 |
Goodwill | $ 829 | $ 879 |
Goodwill and Other Intangible Assets Intangible Assets Not Subject to Amortization (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
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Indefinite-lived Intangible Assets [Roll Forward] | ||
Intangible assets not subject to amortization, beginning balance | $ 2,083 | $ 2,840 |
Additions | 18 | |
Divestiture net intangibles | (3) | (765) |
Currency translation adjustment | (12) | (10) |
Intangible assets not subject to amortization, ending balance | 2,068 | 2,083 |
North America | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||
Intangible assets not subject to amortization, beginning balance | 1,238 | 1,985 |
Additions | 18 | |
Divestiture net intangibles | 0 | (765) |
Currency translation adjustment | 0 | 0 |
Intangible assets not subject to amortization, ending balance | 1,238 | 1,238 |
Europe | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||
Intangible assets not subject to amortization, beginning balance | 392 | 401 |
Additions | 0 | |
Divestiture net intangibles | (3) | 0 |
Currency translation adjustment | 37 | (9) |
Intangible assets not subject to amortization, ending balance | 426 | 392 |
Latin America | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||
Intangible assets not subject to amortization, beginning balance | 70 | 73 |
Additions | 0 | |
Divestiture net intangibles | 0 | 0 |
Currency translation adjustment | (15) | (3) |
Intangible assets not subject to amortization, ending balance | 55 | 70 |
AMEA | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||
Intangible assets not subject to amortization, beginning balance | 383 | 381 |
Additions | 0 | |
Divestiture net intangibles | 0 | 0 |
Currency translation adjustment | (34) | 2 |
Intangible assets not subject to amortization, ending balance | $ 349 | $ 383 |
Goodwill and Other Intangible Assets Annual Impairment Testing (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
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Indefinite-lived Intangible Assets [Line Items] | |||
Goodwill and other intangible assets | $ 8,300 | ||
Other intangible assets excluding goodwill | 2,068 | $ 2,083 | $ 2,840 |
Goodwill | 5,799 | 5,861 | 6,050 |
Divestiture Goodwill | 191 | ||
Divestiture net intangibles | 3 | 765 | |
Indefinite-lived intangible assets acquired | 18 | ||
North America | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Other intangible assets excluding goodwill | 1,238 | 1,238 | 1,985 |
Goodwill | 4,423 | 4,422 | $ 4,611 |
Divestiture Goodwill | 191 | ||
Divestiture net intangibles | 0 | 765 | |
Indefinite-lived intangible assets acquired | $ 18 | ||
Pringles and cracker related trademarks | North America | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Other intangible assets excluding goodwill | 1,700 | ||
RXBAR | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Goodwill | $ 373 |
Restructuring and Cost Reduction Activities Other Programs Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
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Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 29 | $ 113 | $ 143 |
Minimum | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related activities cash implementation costs recovery time frame | 3 years | ||
Maximum | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related activities cash implementation costs recovery time frame | 5 years | ||
SGA | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 31 | 83 | 74 |
Other (income) expense | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | (8) | (5) | (30) |
Cost of goods sold | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 6 | 35 | 99 |
Other programs initiated in 2020 | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 28 | ||
Other programs initiated in 2020 | SGA | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 22 | ||
Other programs initiated in 2020 | Cost of goods sold | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 6 | ||
Europe | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 3 | 47 | 3 |
Europe | Other programs initiated in 2019 | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, expected cost | 37 | ||
Cash costs | 50 | ||
Restructuring charges | (1) | ||
Europe | Other programs initiated in 2019 | SGA | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 7 | ||
Europe | Other programs initiated in 2019 | Other (income) expense | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | (8) | ||
North America | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 8 | $ 50 | $ 107 |
North America | Other programs initiated in 2019 | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, expected cost | 23 | ||
North America | Other programs initiated in 2019 | SGA | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 2 |
Restructuring and Cost Reduction Activities Project K Total Expected Program Costs Narrative (Details) - Maximum - Project K $ in Millions |
12 Months Ended |
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Jan. 02, 2021
USD ($)
| |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related cost, expected cost | $ 1,600 |
Estimated after-tax cash costs for the program amount | 1,200 |
Asset related costs | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related cost, expected cost | 500 |
Employee related cost | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related cost, expected cost | 400 |
Other cost | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related cost, expected cost | $ 700 |
Restructuring and Cost Reduction Activities Project K Total Program Cost Percentage by Reportable Segment Narrative (Details) - Project K |
12 Months Ended |
---|---|
Jan. 02, 2021 | |
North America | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related cost expected cost allocation | 65.00% |
Europe | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related cost expected cost allocation | 21.00% |
Latin America | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related cost expected cost allocation | 4.00% |
AMEA | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related cost expected cost allocation | 6.00% |
Corporate | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related cost expected cost allocation | 4.00% |
Restructuring and Cost Reduction Activities Project K Total Program Costs Since Inception Narrative (Details) $ in Millions |
Jan. 02, 2021
USD ($)
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---|---|
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related costs since inception of program | $ 88 |
Project K | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related costs since inception of program | 1,574 |
Project K | Revenue | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related costs since inception of program | 6 |
Project K | Cost of goods sold | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related costs since inception of program | 928 |
Project K | SGA | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related costs since inception of program | 807 |
Project K | Other (income) expense | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related costs since inception of program | $ (167) |
Restructuring and Cost Reduction Activities Schedule of Restructuring Programs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
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Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 29 | $ 113 | $ 143 |
Program cost to date | 88 | ||
Employee related cost | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 29 | 49 | 63 |
Program cost to date | 79 | ||
Pension curtailment (gain) loss, net | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | (8) | (5) | (30) |
Program cost to date | (13) | ||
Asset related costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 2 | 21 | 16 |
Program cost to date | 2 | ||
Asset impairment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0 | 0 | 14 |
Program cost to date | 0 | ||
Other cost | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 6 | 48 | 80 |
Program cost to date | 20 | ||
North America | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 8 | 50 | 107 |
Program cost to date | 29 | ||
Europe | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 3 | 47 | 3 |
Program cost to date | 41 | ||
Latin America | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 5 | 15 | 15 |
Program cost to date | 5 | ||
AMEA | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 12 | 3 | 11 |
Program cost to date | 12 | ||
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 1 | $ (2) | $ 7 |
Program cost to date | $ 1 |
Restructuring and Cost Reduction Activities Total Programs Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
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Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 29 | $ 113 | $ 143 |
Cost of goods sold | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 6 | 35 | 99 |
SGA | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 31 | 83 | 74 |
Other (income) expense | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ (8) | $ (5) | $ (30) |
Restructuring and Cost Reduction Activities Schedule of Restructuring Reserves Rollforward Narrative (Details) - USD ($) $ in Millions |
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
---|---|---|---|
Restructuring and Related Activities [Abstract] | |||
Project reserves | $ 28 | $ 38 | $ 73 |
Restructuring and Cost Reduction Activities Reserves Rollforward (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
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Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | $ 38 | $ 73 |
Restructuring charge | 29 | 113 |
Cash payments | (45) | (141) |
Non-cash charges and other | 6 | (7) |
Liability, ending balance | 28 | 38 |
Employee related cost | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | 37 | 62 |
Restructuring charge | 29 | 49 |
Cash payments | (38) | (74) |
Restructuring Reserve, Period Increase (Decrease) | 0 | |
Non-cash charges and other | 0 | |
Liability, ending balance | 28 | 37 |
Pension curtailment (gain) loss, net | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | 0 | 0 |
Restructuring charge | (8) | (5) |
Cash payments | 0 | 0 |
Restructuring Reserve, Period Increase (Decrease) | 5 | |
Non-cash charges and other | 8 | |
Liability, ending balance | 0 | 0 |
Asset impairment | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | 0 | 0 |
Restructuring charge | 0 | 0 |
Cash payments | 0 | 0 |
Non-cash charges and other | 0 | 0 |
Liability, ending balance | 0 | 0 |
Asset related costs | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | 0 | 1 |
Restructuring charge | 2 | 21 |
Cash payments | 0 | (10) |
Non-cash charges and other | (2) | (12) |
Liability, ending balance | 0 | 0 |
Other cost | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning balance | 1 | 10 |
Restructuring charge | 6 | 48 |
Cash payments | (7) | (57) |
Non-cash charges and other | 0 | 0 |
Liability, ending balance | $ 0 | $ 1 |
Equity Narrative (Details) - USD ($) shares in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Equity, Class of Treasury Stock [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7.3 | 14.0 | 6.5 |
Shares issued to employees and directors under various benefit plans and stock purchase programs | 9.0 | 15.0 | 8.0 |
Common stock repurchases (in shares) | 4.0 | ||
Common stock repurchased | $ 220 | $ 320 | |
2020 share repurchase program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Stock repurchase program, authorized amount | $ 1,500 |
Equity Reclassifications Out of AOCI (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||
COGS | $ (9,043) | $ (9,197) | $ (8,821) |
SGA | (2,966) | (2,980) | (3,020) |
Interest expense | 281 | 284 | 287 |
Net experience (gain) loss, pre-tax | (3) | (5) | (5) |
Prior service cost | (1) | (1) | 0 |
Other (income) expense | (121) | (188) | 90 |
Total before tax | 1,601 | 1,305 | 1,329 |
Tax (expense) benefit | (323) | (321) | (181) |
Net income | 1,264 | 977 | 1,344 |
Reclassification out of Accumulated Other Comprehensive Income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net income | 7 | (6) | 2 |
Reclassification out of Accumulated Other Comprehensive Income | (Gains) losses on cash flow hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total before tax | 14 | 4 | 8 |
Tax (expense) benefit | (4) | (1) | (2) |
Net income | 10 | 3 | 6 |
Reclassification out of Accumulated Other Comprehensive Income | (Gains) losses on cash flow hedges | Interest rate contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest expense | 14 | 4 | 8 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of postretirement and postemployment benefits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net experience (gain) loss, pre-tax | (3) | (5) | (5) |
Prior service cost | (1) | (1) | 0 |
Total before tax | (4) | (6) | (5) |
Tax (expense) benefit | 1 | 1 | 1 |
Net income | (3) | (5) | (4) |
Reclassification out of Accumulated Other Comprehensive Income | (Gains) losses on available-for-sale securities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total before tax | 0 | (4) | 0 |
Tax (expense) benefit | 0 | 0 | 0 |
Net income | 0 | (4) | 0 |
Corporate bonds | Reclassification out of Accumulated Other Comprehensive Income | (Gains) losses on available-for-sale securities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other (income) expense | $ 0 | $ (4) | $ 0 |
Equity Summary of Accumulated Other Comprehensive Income (loss) (Details) - USD ($) $ in Millions |
Jan. 02, 2021 |
Dec. 28, 2019 |
---|---|---|
Equity [Abstract] | ||
Foreign currency translation adjustments | $ (1,668) | $ (1,399) |
Cash flow hedges — unrealized net gain (loss) | (57) | (60) |
Postretirement and postemployment benefits: | ||
Net experience gain (loss) | 2 | 7 |
Prior service credit (cost) | (12) | 4 |
Total accumulated other comprehensive income (loss) | ||
AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax | 3 | 0 |
Accumulated other comprehensive income (loss) | $ (1,732) | $ (1,448) |
Leases and Other Commitments Narrative (Details) |
Jan. 02, 2021 |
---|---|
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating lease, term of contract | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating lease, term of contract | 20 years |
Leases and Other Commitments Schedule of Supplemental Operating Lease Information Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Leases [Abstract] | |||
Operating lease cost | $ 135 | $ 133 | |
Operating lease expense | $ 133 |
Leases and Other Commitments Supplemental Operating Leases Information Table (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Leases [Abstract] | ||
Operating lease, payments | $ 141 | $ 134 |
Right-of-use asset obtained in exchange for operating lease liability, new leases | 144 | 164 |
Right-of-use asset obtained in exchange for operating lease liability, modified leases | $ 84 | $ 44 |
Operating lease, weighted average remaining lease term | 8 years | 7 years |
Operating lease, weighted average discount rate, percent | 2.60% | 2.90% |
Leases and Other Commitments Operating Leases Future Maturities Table (Details) $ in Millions |
Jan. 02, 2021
USD ($)
|
---|---|
Leases [Abstract] | |
Operating leases, 2021 | $ 134 |
Operating leases, 2022 | 107 |
Operating leases, 2023 | 94 |
Operating leases, 2024 | 81 |
Operating leases, 2025 | 78 |
Operating leases, 2026 and beyond | 219 |
Total minimum payments | 713 |
Interest | (76) |
Present value of lease liabilities | $ 637 |
Leases and Other Commitments Operating Leases Future Maturities Table Narrative (Details) $ in Millions |
Jan. 02, 2021
USD ($)
|
---|---|
Leases [Abstract] | |
Minimum lease payments for real-estate leases signed but not yet commenced | $ 24 |
Debt Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | |
Multiemployer Plans, Withdrawal Obligation | 130 | $ 156 |
Line of Credit Facility, Remaining Borrowing Capacity | 2,900 | |
Principal repayments on long-term debt in 2021 | 627 | |
Principal repayments on long-term debt in 2022 | 755 | |
Principal repayments on long-term debt in 2023 | 782 | |
Principal repayments on long-term debt in 2024 | 750 | |
Principal repayments on long-term debt in 2025 | 739 | |
Principal repayments on long-term debt in 2026 and beyond | 3,733 | |
Five Year Credit Agreement | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,500 | |
Three Hundred Sixty Four Day Revolving Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000 | |
Expired Three Hundred Sixty Four Day Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000 | |
Letter of Credit [Member] | Five Year Credit Agreement | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 75 | |
Euro Commercial Paper [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750 | |
Debt Instrument, Term | 364 days | |
Line of Credit Facility, Maximum Month-end Outstanding Amount | $ 0 | |
European Swingline Loans [Member] | Five Year Credit Agreement | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300 |
Debt Components of Notes Payable (Details) - USD ($) $ in Millions |
Jan. 02, 2021 |
Dec. 28, 2019 |
---|---|---|
Components of Notes Payable | ||
Notes payable | $ 102 | $ 107 |
U.S. Commercial Paper | ||
Components of Notes Payable | ||
Notes payable | $ 25 | $ 3 |
Debt Instrument, Interest Rate, Effective Percentage | 0.20% | 1.78% |
Bank Borrowings | ||
Components of Notes Payable | ||
Notes payable | $ 77 | $ 104 |
Debt Schedule of Long-term Debt (Details) - USD ($) $ in Millions |
Jan. 02, 2021 |
Dec. 31, 2020 |
May 31, 2020 |
Dec. 28, 2019 |
Sep. 28, 2019 |
May 31, 2018 |
Nov. 30, 2017 |
May 31, 2017 |
Nov. 30, 2016 |
May 31, 2016 |
Mar. 31, 2016 |
Mar. 31, 2015 |
May 31, 2014 |
Feb. 28, 2013 |
May 31, 2012 |
Dec. 31, 2010 |
Mar. 31, 2001 |
||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Other long-term debt | $ 93 | $ 124 | |||||||||||||||||||||||||||||||||||||||||||||
Long-term debt, including current maturities of long-term debt | 7,373 | 7,815 | |||||||||||||||||||||||||||||||||||||||||||||
Current maturities of long-term debt | (627) | (620) | |||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 6,746 | 7,195 | |||||||||||||||||||||||||||||||||||||||||||||
4.5% U.S. Dollar Notes Due 2046 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [1] | 638 | 638 | ||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 4.50% | ||||||||||||||||||||||||||||||||||||||||||||||
7.45% U.S. Dollar Debentures Due 2031 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [2] | 621 | 621 | ||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 7.45% | ||||||||||||||||||||||||||||||||||||||||||||||
2.10% U.S. Dollar Notes Due 2030 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [3] | 496 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 2.10% | ||||||||||||||||||||||||||||||||||||||||||||||
4.30% U.S. Dollar Notes Due 2028 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [4] | 596 | 595 | ||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 4.30% | ||||||||||||||||||||||||||||||||||||||||||||||
3.40% U.S. Dollar Notes Due 2027 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [5] | 596 | 596 | ||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 3.40% | ||||||||||||||||||||||||||||||||||||||||||||||
3.25% U.S. Dollar Notes Due 2026 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [6] | 742 | 741 | ||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 3.25% | ||||||||||||||||||||||||||||||||||||||||||||||
1.25% Euro Note Due 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [7] | 748 | 689 | ||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 1.25% | ||||||||||||||||||||||||||||||||||||||||||||||
1.00% Euro Notes Due 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [8] | 756 | 692 | ||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 1.00% | ||||||||||||||||||||||||||||||||||||||||||||||
2.65% U.S. Dollar Notes Due 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [9] | 542 | 539 | ||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 2.65% | 2.65% | |||||||||||||||||||||||||||||||||||||||||||||
2.75% U.S. Dollar Note Due 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [10] | 204 | 201 | ||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 2.75% | ||||||||||||||||||||||||||||||||||||||||||||||
3.125% U.S. Dollar Debentures Due 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [11] | 0 | 353 | ||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 3.125% | 3.125% | |||||||||||||||||||||||||||||||||||||||||||||
.80% Euro Notes Due 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [12] | 731 | 669 | ||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 0.80% | ||||||||||||||||||||||||||||||||||||||||||||||
1.75% Euro Notes Due 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [13] | 610 | 558 | ||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 1.75% | ||||||||||||||||||||||||||||||||||||||||||||||
3.25% U.S. Dollar Notes Due 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [14] | 0 | 198 | ||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 3.25% | 3.25% | 3.25% | ||||||||||||||||||||||||||||||||||||||||||||
4.0% U.S. Dollar Notes Due 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | [15] | $ 0 | $ 601 | ||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 4.00% | 4.00% | 4.00% | ||||||||||||||||||||||||||||||||||||||||||||
4.15% U.S. Dollar Notes Due 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 4.15% | ||||||||||||||||||||||||||||||||||||||||||||||
3.25% U.S. Dollar Notes Due 2018 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, stated interest rate | 3.25% | ||||||||||||||||||||||||||||||||||||||||||||||
|
Debt Long-term Debt Footnote A (Details) - USD ($) $ in Millions |
1 Months Ended | ||
---|---|---|---|
Mar. 31, 2001 |
Mar. 31, 2016 |
Jan. 02, 2021 |
|
4.5% U.S. Dollar Notes Due 2046 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 650 | ||
Debt Instrument, Term | 30 years | ||
Debt instrument, stated interest rate | 4.50% | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.60% | ||
7.45% U.S. Dollar Debentures Due 2031 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 625 | ||
Debt Instrument, Term | 30 years | ||
Debt instrument, stated interest rate | 7.45% | ||
Debt Instrument, Interest Rate, Effective Percentage | 7.56% |
Debt Long-term Debt Footnote B (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Dec. 31, 2020 |
Mar. 31, 2001 |
Mar. 31, 2016 |
Sep. 28, 2019 |
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Debt Instrument [Line Items] | ||||||
Interest expense | $ 20 | $ 16 | $ 281 | $ 284 | ||
7.45% U.S. Dollar Debentures Due 2031 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 625 | |||||
Debt Instrument, Term | 30 years | |||||
Debt instrument, stated interest rate | 7.45% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 7.56% | |||||
Percentage of principal amount redeemed | 100.00% |
Debt Long-term Debt Footnote C (Details) - USD ($) $ in Millions |
1 Months Ended | |||
---|---|---|---|---|
May 31, 2020 |
Dec. 31, 2010 |
Jan. 02, 2021 |
Sep. 28, 2019 |
|
Ten Year 2.10% U.S. Dollar Notes Due 2030 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 500 | |||
Debt instrument, stated interest rate | 2.10% | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.05% | |||
Debt Instrument, Term | 10 years | |||
4.0% U.S. Dollar Notes Due 2020 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 600 | $ 1,000 | ||
Debt instrument, stated interest rate | 4.00% | 4.00% | 4.00% | |
Debt Instrument, Term | 10 years |
Debt Long-term Debt Footnote D (Details) - USD ($) $ in Millions |
1 Months Ended | |
---|---|---|
May 31, 2018 |
Jan. 02, 2021 |
|
4.30% U.S. Dollar Notes Due 2028 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Term | 10 years | |
Debt Instrument, Face Amount | $ 600 | |
Debt instrument, stated interest rate | 4.30% | |
3.25% U.S. Dollar Notes Due 2018 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Term | 7 years | |
Debt Instrument, Face Amount | $ 400 | |
Debt instrument, stated interest rate | 3.25% | |
Debt Instrument, Interest Rate, Effective Percentage | 4.34% |
Debt Long-term Debt Footnote E (Details) - 3.40% U.S. Dollar Notes Due 2027 - USD ($) $ in Millions |
1 Months Ended | |
---|---|---|
Nov. 30, 2017 |
Jan. 02, 2021 |
|
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 600 | |
Debt Instrument, Term | 10 years | |
Debt instrument, stated interest rate | 3.40% | |
Debt Instrument, Interest Rate, Effective Percentage | 3.49% |
Debt Long-term Debt Footnote F (Details) - USD ($) $ in Millions |
1 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2001 |
Mar. 31, 2016 |
Jan. 02, 2021 |
Dec. 28, 2019 |
Oct. 31, 2018 |
Sep. 30, 2016 |
|
Debt Instrument [Line Items] | ||||||
Notional amounts of interest rate swaps | $ 7,213 | $ 6,563 | ||||
3.25% U.S. Dollar Notes Due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 750 | |||||
Debt Instrument, Term | 10 years | |||||
Debt instrument, stated interest rate | 3.25% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 4.23% | |||||
Notional amounts of interest rate swaps | $ 450 | $ 300 | ||||
Unamortized gain (loss) on termination of interest rate swaps | $ (5) | |||||
7.45% U.S. Dollar Debentures Due 2031 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 625 | |||||
Debt Instrument, Term | 30 years | |||||
Debt instrument, stated interest rate | 7.45% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 7.56% |
Debt Long-term Debt Footnote G (Details) € in Millions, $ in Millions |
1 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2015
EUR (€)
|
Jan. 02, 2021
USD ($)
|
Dec. 28, 2019
USD ($)
|
May 31, 2017
EUR (€)
|
|
Debt Instrument [Line Items] | ||||
Notional amounts of interest rate swaps | $ 7,213 | $ 6,563 | ||
1.25% Euro Note Due 2025 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | € 600 | $ 733 | ||
Debt Instrument, Term | 10 years | |||
Debt instrument, stated interest rate | 1.25% | |||
Debt Instrument, Interest Rate, Effective Percentage | 1.62% | |||
Notional amounts of interest rate swaps | € | € 600 | |||
Unamortized gain (loss) on termination of interest rate swaps | $ 17 |
Debt Long-term Debt Footnote H (Details) € in Millions, $ in Millions |
1 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
May 31, 2016
EUR (€)
|
May 31, 2009
USD ($)
|
Jan. 02, 2021
USD ($)
|
Dec. 28, 2019
USD ($)
|
May 25, 2019
EUR (€)
|
Oct. 31, 2018
EUR (€)
|
Nov. 30, 2016
EUR (€)
|
|
Debt Instrument [Line Items] | |||||||
Notional amounts of interest rate swaps | $ 7,213 | $ 6,563 | |||||
1.00% Euro Notes Due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | € 600 | $ 733 | |||||
Debt Instrument, Term | 8 years | ||||||
Debt instrument, stated interest rate | 1.00% | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 0.17% | ||||||
Unamortized gain (loss) on termination of interest rate swaps | $ 17 | ||||||
Notional amounts of interest rate swaps | € | € 600 | € 300 | € 300 | ||||
Fair value adjustment for interest rate swaps | $ 9 | ||||||
4.45% U.S. Notes Due 2016 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 750 | ||||||
Debt Instrument, Term | 7 years | ||||||
Debt instrument, stated interest rate | 4.45% |
Debt Long-term Debt Footnote I (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Aug. 31, 2019 |
Nov. 30, 2016 |
Sep. 28, 2019 |
Jan. 02, 2021 |
Dec. 28, 2019 |
Nov. 30, 2011 |
|
Debt Instrument [Line Items] | |||||||
Notional amounts of interest rate swaps | $ 7,213 | $ 6,563 | |||||
Debt repurchase amount | $ 1,000 | ||||||
Interest expense | $ 20 | $ 16 | $ 281 | $ 284 | |||
2.65% U.S. Dollar Notes Due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 600 | ||||||
Debt Instrument, Term | 7 years | ||||||
Debt instrument, stated interest rate | 2.65% | 2.65% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 3.08% | ||||||
Notional amounts of interest rate swaps | $ 300 | ||||||
Unamortized gain (loss) on termination of interest rate swaps | $ (7) | ||||||
Debt repurchase amount | $ 50 | $ 50 | |||||
Interest expense | $ 2 | ||||||
1.875% U.S. Dollar Notes Due 2016 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, stated interest rate | 1.875% |
Debt Long-term Debt Footnote J (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Feb. 28, 2013 |
Sep. 28, 2019 |
Jan. 02, 2021 |
Dec. 28, 2019 |
Sep. 30, 2016 |
Mar. 31, 2014 |
|
Debt Instrument [Line Items] | |||||||
Debt repurchase amount | $ 1,000 | ||||||
Interest expense | $ 20 | $ 16 | $ 281 | $ 284 | |||
Notional amounts of interest rate swaps | 7,213 | $ 6,563 | |||||
2.75% U.S. Dollar Note Due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 400 | ||||||
Debt repurchase amount | $ 189 | ||||||
Debt Instrument, Term | 10 years | ||||||
Debt instrument, stated interest rate | 2.75% | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.17% | ||||||
Notional amounts of interest rate swaps | $ 211 | ||||||
Unamortized gain (loss) on termination of interest rate swaps | $ (6) | ||||||
4.25% U.S. Dollar Notes Due 2013 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 750 | ||||||
Debt instrument, stated interest rate | 4.25% |
Debt Long-term Debt Footnote K (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Dec. 31, 2020 |
May 31, 2012 |
Sep. 28, 2019 |
Jan. 02, 2021 |
Dec. 28, 2019 |
Mar. 31, 2014 |
|
Debt Instrument [Line Items] | ||||||
Interest expense | $ 20 | $ 16 | $ 281 | $ 284 | ||
Debt repurchase amount | $ 1,000 | |||||
Notional amounts of interest rate swaps | 7,213 | $ 6,563 | ||||
3.125% U.S. Dollar Debentures Due 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Interest expense | 17 | |||||
Debt Instrument, Face Amount | $ 700 | |||||
Debt repurchase amount | $ 358 | $ 358 | $ 342 | |||
Debt Instrument, Term | 10 years | |||||
Debt instrument, stated interest rate | 3.125% | 3.125% |
Debt Long-term Debt Footnote L (Details) € in Millions, $ in Millions |
1 Months Ended | ||
---|---|---|---|
May 31, 2017
USD ($)
|
Jan. 02, 2021
USD ($)
|
May 31, 2017
EUR (€)
|
|
.80% Euro Notes Due 2022 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 733 | € 600 | |
Debt Instrument, Term | 5 years | ||
Debt instrument, stated interest rate | 0.80% | 0.80% | |
Debt Instrument, Interest Rate, Effective Percentage | 0.87% | 0.87% | |
1.75% U.S. Dollar Notes Due 2017 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Term | 5 years | ||
Debt instrument, stated interest rate | 1.75% | 1.75% | |
Debt Instrument, Repurchased Face Amount | $ 400 |
Debt Long-term Debt Footnote M (Details) - 1.75% Euro Notes Due 2021 € in Millions, $ in Millions |
1 Months Ended | |
---|---|---|
May 31, 2014
EUR (€)
|
Jan. 02, 2021
USD ($)
|
|
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | € 500 | $ 611 |
Debt Instrument, Term | 7 years | |
Debt instrument, stated interest rate | 1.75% | |
Debt Instrument, Interest Rate, Effective Percentage | 2.36% |
Debt Long-term Debt Footnote N (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Dec. 31, 2020 |
Aug. 31, 2019 |
May 31, 2018 |
Sep. 28, 2019 |
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Debt Instrument [Line Items] | ||||||
Debt repurchase amount | $ 1,000 | |||||
Interest expense | $ 20 | $ 16 | $ 281 | $ 284 | ||
3.25% U.S. Dollar Notes Due 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 400 | |||||
Debt Instrument, Term | 3 years | |||||
Debt instrument, stated interest rate | 3.25% | 3.25% | 3.25% | |||
Debt repurchase amount | $ 198 | $ 202 | $ 202 | 198 | ||
Interest expense | $ 6 | $ 3 | ||||
3.25% U.S. Dollar Notes Due 2018 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 400 | |||||
Debt Instrument, Term | 7 years | |||||
Debt instrument, stated interest rate | 3.25% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 4.34% |
Debt Long-term Debt Footnote O (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Aug. 31, 2019 |
Dec. 31, 2010 |
Sep. 28, 2019 |
Jan. 02, 2021 |
Dec. 28, 2019 |
May 31, 2020 |
Mar. 31, 2014 |
|
Debt Instrument [Line Items] | ||||||||
Debt repurchase amount | $ 1,000 | |||||||
Interest expense | $ 20 | $ 16 | $ 281 | $ 284 | ||||
Notional amounts of interest rate swaps | $ 7,213 | $ 6,563 | ||||||
4.0% U.S. Dollar Notes Due 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 1,000 | $ 600 | ||||||
Debt Instrument, Term | 10 years | |||||||
Debt instrument, stated interest rate | 4.00% | 4.00% | 4.00% | |||||
Debt repurchase amount | $ 248 | $ 248 | $ 150 | |||||
Interest expense | $ 6 |
Debt 2019 Debt Redemption (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Aug. 31, 2019 |
Sep. 28, 2019 |
Jan. 02, 2021 |
Dec. 28, 2019 |
May 31, 2020 |
May 31, 2018 |
Nov. 30, 2016 |
Mar. 31, 2014 |
May 31, 2012 |
Dec. 31, 2010 |
|
Debt Instrument [Line Items] | |||||||||||
Interest expense | $ 20 | $ 16 | $ 281 | $ 284 | |||||||
Debt repurchase amount | $ 1,000 | ||||||||||
4.15% U.S. Dollar Notes Due 2019 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, stated interest rate | 4.15% | ||||||||||
Debt repurchase amount | $ 500 | ||||||||||
4.0% U.S. Dollar Notes Due 2020 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, stated interest rate | 4.00% | 4.00% | 4.00% | ||||||||
Interest expense | $ 6 | ||||||||||
Debt repurchase amount | 248 | $ 248 | $ 150 | ||||||||
3.25% U.S. Dollar Notes Due 2021 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, stated interest rate | 3.25% | 3.25% | 3.25% | ||||||||
Interest expense | 6 | 3 | |||||||||
Debt repurchase amount | $ 198 | 202 | $ 202 | 198 | |||||||
2.65% U.S. Dollar Notes Due 2023 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, stated interest rate | 2.65% | 2.65% | |||||||||
Interest expense | 2 | ||||||||||
Debt repurchase amount | $ 50 | $ 50 | |||||||||
3.125% U.S. Dollar Debentures Due 2022 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, stated interest rate | 3.125% | 3.125% | |||||||||
Interest expense | 17 | ||||||||||
Debt repurchase amount | $ 358 | $ 358 | $ 342 |
Debt Standby Letters of Credit (Details) - Standby Letters of Credit $ in Millions |
Jan. 02, 2021
USD ($)
|
---|---|
Financial Support for Nonconsolidated Legal Entity [Line Items] | |
Letters of Credit outstanding amount | $ 82 |
Secured | |
Financial Support for Nonconsolidated Legal Entity [Line Items] | |
Letters of Credit outstanding amount | 49 |
Unsecured | |
Financial Support for Nonconsolidated Legal Entity [Line Items] | |
Letters of Credit outstanding amount | $ 33 |
Stock Compensation Equity based compensation programs (Details) |
12 Months Ended |
---|---|
Jan. 02, 2021
shares
| |
2017 Long Term Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares authorized, but unissued | 16,000,000 |
Vesting period, years | 3 years |
Options granted remaining authorized, but unissued, shares | 16,000,000 |
Contractual term, years | 10 years |
Shares, Issued | 2 |
Shares Reduced From Remaining Available | 1 |
Shares Reduced From Outstanding Award | 1 |
2013 Long Term Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period, years | 3 years |
Contractual term, years | 10 years |
Stock Compensation Schedule of Compensation Expense for Equity Programs and Related Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Share-based Payment Arrangement [Abstract] | |||
Pre-tax compensation expense | $ 81 | $ 61 | $ 64 |
Related income tax benefit | 21 | $ 16 | $ 16 |
Non-vested stock-based compensation awards not yet recognized | $ 95 | ||
Weighted-average period of recognition, years | 2 years |
Stock Compensation Cash used to settle equity instruments (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Share-based Payment Arrangement [Abstract] | |||
Total cash received from option exercises and similar instruments | $ 112 | $ 64 | $ 167 |
Excess Tax Benefit from Share-based Compensation, Operating Activities | $ 2 | $ (2) | $ 11 |
Stock Compensation Fair Value Assumptions (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Share-based Payment Arrangement [Abstract] | |||
Weighted-average expected volatility | 18.00% | 18.00% | 18.00% |
Weighted-average expected term (years) | 6 years 8 months 12 days | 6 years 7 months 6 days | 6 years 7 months 6 days |
Weighted-average risk-free interest rate | 1.35% | 2.59% | 2.82% |
Dividend yield | 3.40% | 3.90% | 3.00% |
Weighted-average fair value of options granted | $ 7.34 | $ 6.78 | $ 10.00 |
Stock Compensation Summary of Share-based Compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Share-based Payment Arrangement [Abstract] | |||
Outstanding, beginning of period - shares | 14 | 14 | 14 |
Granted - shares | 3 | 3 | 3 |
Exercised - shares | (2) | (1) | (2) |
Forfeitures and expirations - shares | (1) | (2) | (1) |
Outstanding, end of period - shares | 14 | 14 | 14 |
Exerciseable, end of period - shares | 10 | 10 | 10 |
Outstanding, beginning of period - weighted-average exercise price | $ 65 | $ 66 | $ 64 |
Granted - weighted-average exercise price | 65 | 57 | 70 |
Exercised - weighted-average exercise price | 59 | 56 | 58 |
Forfeitures and expirations - weighted-average exercise price | 68 | 67 | 71 |
Outstanding, end of period - weighted-average exercise price | 65 | 65 | 66 |
Exercisable, end of period - weighted-average exercise price | $ 66 | $ 65 | $ 63 |
Outstanding, end of period - weighted-average remaining contractual term (years) | 4 years 8 months 12 days | ||
Excerciseable, end of period - weighted-average remaining contractual term (years) | 5 years 10 months 24 days | ||
Outstanding, end of period - aggregate intrinsic value | $ 15 | ||
Exerciseable, end of period - aggregate intrinsic value | 22 | ||
Total intrinsic value of options exercised | $ 17 | $ 7 | $ 33 |
Stock Compensation Maximum Future Value of Performance Shares (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Feb. 28, 2019 |
Mar. 28, 2020 |
Dec. 28, 2019 |
Dec. 29, 2018 |
Jan. 02, 2021 |
|
2020 Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum future value | $ 41 | ||||
2019 Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum future value | 26 | ||||
2018 Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum future value | $ 18 | ||||
2020 Performance share award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance Shares Issued On Vesting Date Minimum | 0.00% | ||||
Performance Shares Issued On Vesting Date Maximum | 200.00% | ||||
Vesting period, years | 3 years | ||||
Performance Award Condition Time Period | 3 years | ||||
Non-vested, beginning of year - weighted-average grant date fair value | $ 66 | ||||
Performance Share Target Grant | 327,000 | ||||
2019 Performance share award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance Shares Issued On Vesting Date Minimum | 0.00% | ||||
Performance Shares Issued On Vesting Date Maximum | 200.00% | ||||
Vesting period, years | 3 years | ||||
Performance Award Condition Time Period | 3 years | ||||
Non-vested, beginning of year - weighted-average grant date fair value | $ 73 | ||||
Performance Share Target Grant | 213,000 | ||||
2018 Performance share award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance Shares Issued On Vesting Date Minimum | 0.00% | ||||
Performance Shares Issued On Vesting Date Maximum | 200.00% | ||||
Vesting period, years | 3 years | ||||
Performance Award Condition Time Period | 3 years | ||||
Non-vested, beginning of year - weighted-average grant date fair value | $ 88 | ||||
Performance Share Target Grant | 143,000 | ||||
2017 Performance share award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
2017 Performance share award settlement in terms of original target | 90.00% | ||||
2017 Performance share award settlement in dollars | $ 6 |
Stock Compensation Summary of restricted stock activity (Details) - Restricted Stock and Restricted Stock Units - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested, beginning of year - shares | 1,901 | 1,708 | 1,673 |
Granted - shares | 596 | 888 | 772 |
Vested - shares | (504) | (469) | (507) |
Forfeited - shares | (257) | (226) | (230) |
Non-vested, end of year - shares | 1,736 | 1,901 | 1,708 |
Non-vested, beginning of year - weighted-average grant-date fair value | $ 61 | $ 65 | $ 65 |
Granted - weighted average grant-date fair value | 65 | 55 | 63 |
Vested - weighted-average grant-date fair value | 65 | 68 | 59 |
Forfeited - weighted-average grant-date fair value | 58 | 62 | 64 |
Non-vested, end of year - weighted-average grant-date fair value | $ 61 | $ 61 | $ 65 |
Total fair value of restricted stock and restricted stock units vested during period | $ 34 | $ 27 | $ 35 |
Pension Benefits Pension Benefits Narrative (Details) - Pension $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Jul. 28, 2019
USD ($)
|
Oct. 31, 2020
USD ($)
|
Jun. 27, 2020
USD ($)
|
Jan. 02, 2021
USD ($)
|
|
United States | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Payment for Settlement | $ 174 | |||
Curtailment gain | $ 11 | $ 7 | ||
Number of retired participants accepting settlement of defined benefit pension plan obligations | 8,000 | |||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | $ 453 | |||
UNITED KINGDOM | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Buy-in annuity contract | $ 268 |
Pension Benefits Change in Projected Benefit Obligations, Plan Assets, and Funding Status (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 29, 2018 |
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Amounts Recognized in Balance Sheet | |||
Other Assets | $ 324 | $ 241 | |
Other liabilities | (769) | (705) | |
Pension | |||
Change in Benefit Obligation [Roll Forward] | |||
Actuarial (gain) loss | 184 | ||
Europe | Project K | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Curtailment gain | $ 30 | ||
Global plans | Pension | |||
Change in Benefit Obligation [Roll Forward] | |||
Beginning of Year | 5,654 | 5,117 | |
Service Cost | 37 | 36 | |
Interest Cost | 130 | 172 | |
Plan participants' contributions | 1 | 1 | |
Plan Amendments | 22 | 3 | |
Actuarial (gain) loss | 499 | 766 | |
Benefits paid | (292) | (458) | |
Curtailments and special termination benefits | (15) | (13) | |
Defined Benefit Plan, Benefit Obligation, Payment for Settlement | (453) | 0 | |
Foreign Currency Adjustments | 92 | 30 | |
End of Year | 5,675 | 5,654 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value, Beginning of Year | 5,170 | 4,677 | |
Actual Return on Plan Assets | 656 | 874 | |
Employer Contributions | 8 | 10 | |
Plan participants' contributions | 1 | 1 | |
Benefits Paid, Plan Assets | (269) | (426) | |
Settlements | (453) | 0 | |
Other | (8) | 0 | |
Currency translation | 106 | 34 | |
Fair Value, End of Year | 5,211 | 5,170 | |
Funded Status | (464) | (484) | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) | |||
Prior Service Cost | 51 | 37 | |
Net Amount Recognized | 51 | 37 | |
Amounts Recognized in Balance Sheet | |||
Other Assets | 324 | 241 | |
Other Current Liabilities | (19) | (20) | |
Other liabilities | (769) | (705) | |
Net Amount Recognized | (464) | (484) | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 5,600 | $ 5,600 |
Pension Benefits Accumulated Benefit Obligations (Details) - Global plans - Pension - USD ($) $ in Millions |
Jan. 02, 2021 |
Dec. 28, 2019 |
---|---|---|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligation | $ 3,937 | $ 4,061 |
Accumulated benefit obligation | 3,921 | 4,033 |
Fair value of plan assets | $ 3,177 | $ 3,362 |
Pension Benefits Projected Benefit Obligations (Details) - Pension - Global Plans [Member] - USD ($) $ in Millions |
Jan. 02, 2021 |
Dec. 28, 2019 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 4,035 | $ 4,180 |
Projected benefit obligation, accumulated benefit obligation | 3,988 | 4,114 |
Projected benefit obligation, fair value of plan assets | $ 3,246 | $ 3,455 |
Pension Benefits Components of Pension Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension (income) expense | $ 31 | $ 117 | $ 165 |
Global plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
401(k) expense | 42 | 39 | 38 |
Global plans | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 37 | 36 | |
Interest Cost | 130 | 172 | |
Net periodic benefit cost | 26 | 110 | 168 |
Curtailment and special termination benefits | (15) | (13) | (30) |
Pension (income) expense | 11 | 97 | 138 |
Global plans | COGS and SGA | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 37 | 36 | 87 |
Global plans | OIE | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest Cost | 130 | 172 | 165 |
Expected Return on Plan Assets | (340) | (340) | (361) |
Amortization of Unrecognized Prior Service Cost (Credit) | 7 | 7 | 8 |
Other | 8 | 0 | 0 |
Recognized net (gain) loss | 184 | 235 | 269 |
Foreign and U.S. multiemployer defined contribution plan | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension (income) expense | $ 20 | $ 20 | $ 27 |
Pension Benefits Assumptions (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, benefit obligation | 2.20% | 2.90% | 3.90% |
Long-term rate of compensation increase | 3.40% | 3.40% | 3.80% |
Actuarial (gain) loss | $ 184.0 | ||
Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rates of return | 25th | ||
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rates of return | 75th | ||
Global Plans [Member] | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 2.80% | 3.70% | 3.30% |
Long-term rate of compensation increase | 3.40% | 4.00% | 3.90% |
Long-term rate of return on plan assets | 6.80% | 7.30% | 7.40% |
Defined Benefit Plan, Benefit Obligation | $ 5,675.0 | $ 5,654.0 | $ 5,117.0 |
Actuarial (gain) loss | $ 499.0 | 766.0 | |
United States | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of consolidated pension and postretirement benefit plan assets | 70.00% | ||
Long-term inflation assumption | 2.50% | ||
Active management premium | 0.80% | ||
Expected rate of return on foreign plan assets | 7.00% | ||
Expected rates of return | 64th percentile | ||
Mortality rate | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | $ 1.0 |
Pension Benefits Plan Assets (Details) - Global plans - Pension - USD ($) $ in Millions |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | $ 5,211 | $ 5,170 | $ 4,677 | ||||||
Net Asset Value Excluded From Fair Value By Input | 2,791 | [1] | 2,615 | [2] | |||||
Expected contribution by Company | 6 | ||||||||
Level 1 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 360 | 368 | |||||||
Level 2 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 1,780 | 2,187 | |||||||
Level 3 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 280 | 0 | |||||||
Cash and Cash Equivalents | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 42 | 14 | |||||||
Net Asset Value Excluded From Fair Value By Input | 3 | [1] | 0 | [2] | |||||
Cash and Cash Equivalents | Level 1 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 35 | 14 | |||||||
Cash and Cash Equivalents | Level 2 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 4 | 0 | |||||||
Cash and Cash Equivalents | Level 3 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||
Corporate stock, common | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 325 | 354 | |||||||
Net Asset Value Excluded From Fair Value By Input | 0 | [1] | 0 | [2] | |||||
Corporate stock, common | Level 1 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 325 | 354 | |||||||
Corporate stock, common | Level 2 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||
Corporate stock, common | Level 3 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | $ 0 | $ 0 | |||||||
Domestic Corporate Common Stock | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Percentage of consolidated plan assets represented by investment in Company comon stock | 1.10% | 1.20% | |||||||
Mutual Fund International Equity | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | $ 2 | $ 36 | |||||||
Net Asset Value Excluded From Fair Value By Input | 2 | [1] | 36 | [2] | |||||
Mutual Fund International Equity | Level 1 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||
Mutual Fund International Equity | Level 2 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||
Mutual Fund International Equity | Level 3 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||
Mutual Funds Domestic Debt | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 5 | 4 | |||||||
Net Asset Value Excluded From Fair Value By Input | 0 | [1] | 0 | [2] | |||||
Mutual Funds Domestic Debt | Level 1 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||
Mutual Funds Domestic Debt | Level 2 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 5 | 4 | |||||||
Mutual Funds Domestic Debt | Level 3 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||
Collective Trusts Domestic Equity | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 1,508 | 1,431 | |||||||
Net Asset Value Excluded From Fair Value By Input | 1,508 | [1] | 1,314 | [2] | |||||
Collective Trusts Domestic Equity | Level 1 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||
Collective Trusts Domestic Equity | Level 2 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | 117 | |||||||
Collective Trusts Domestic Equity | Level 3 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||
Collective Trusts Other International Debt | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 963 | 1,096 | |||||||
Net Asset Value Excluded From Fair Value By Input | 415 | [1] | 378 | [2] | |||||
Collective Trusts Other International Debt | Level 1 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||
Collective Trusts Other International Debt | Level 2 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 548 | 718 | |||||||
Collective Trusts Other International Debt | Level 3 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||
Limited Partnership | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 292 | 228 | |||||||
Net Asset Value Excluded From Fair Value By Input | 292 | [1] | 228 | [2] | |||||
Limited Partnership | Level 1 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||
Limited Partnership | Level 2 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||
Limited Partnership | Level 3 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||
Bonds, corporate | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 361 | 654 | |||||||
Net Asset Value Excluded From Fair Value By Input | 141 | [1] | 211 | [2] | |||||
Bonds, corporate | Level 1 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||
Bonds, corporate | Level 2 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 220 | 443 | |||||||
Bonds, corporate | Level 3 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||
Bonds, government | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 861 | 774 | |||||||
Net Asset Value Excluded From Fair Value By Input | 0 | [1] | 0 | [2] | |||||
Bonds, government | Level 1 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||
Bonds, government | Level 2 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 861 | 774 | |||||||
Bonds, government | Level 3 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||
Bonds, other | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 64 | 70 | |||||||
Net Asset Value Excluded From Fair Value By Input | 0 | [1] | 0 | [2] | |||||
Bonds, other | Level 1 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||
Bonds, other | Level 2 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 64 | 70 | |||||||
Bonds, other | Level 3 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||
Real estate | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 421 | 412 | |||||||
Net Asset Value Excluded From Fair Value By Input | 421 | [1] | 412 | [2] | |||||
Real estate | Level 1 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||
Real estate | Level 2 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||
Real estate | Level 3 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||
Other [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 87 | 97 | |||||||
Net Asset Value Excluded From Fair Value By Input | 9 | [1] | 36 | [2] | |||||
Other [Member] | Level 1 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||
Other [Member] | Level 2 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 78 | 61 | |||||||
Other [Member] | Level 3 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | $ 0 | 0 | |||||||
Debt Securities | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Weighted-average target asset allocation | 29.00% | ||||||||
Equity Securities | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Weighted-average target asset allocation | 34.00% | ||||||||
Real Estate And Other | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Weighted-average target asset allocation | 37.00% | ||||||||
Buy-in annuity contract | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | $ 280 | ||||||||
Net Asset Value Excluded From Fair Value By Input | [1] | 0 | |||||||
Buy-in annuity contract | Level 1 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | ||||||||
Buy-in annuity contract | Level 2 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | 0 | ||||||||
Buy-in annuity contract | Level 3 [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair Value of Plan Assets | $ 280 | $ 0 | |||||||
|
Pension Benefits Level 3 Gains and Losses (Details) - Pension - Global Plans [Member] - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value, Beginning of Year | $ 5,170 | $ 4,677 |
Currency translation | 106 | 34 |
Fair Value, End of Year | 5,211 | 5,170 |
Level 3 [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value, Beginning of Year | 0 | |
Fair Value, End of Year | 280 | 0 |
Other Investments [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value, Beginning of Year | 97 | |
Fair Value, End of Year | 87 | 97 |
Other Investments [Member] | Level 3 [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value, Beginning of Year | 0 | |
Fair Value, End of Year | 0 | 0 |
Buy-in annuity contract | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value, End of Year | 280 | |
Buy-in annuity contract | Level 3 [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value, Beginning of Year | 0 | |
Purchases | 268 | |
Realized gain and unrealized gain (loss) | 4 | |
Currency translation | 8 | |
Fair Value, End of Year | $ 280 | $ 0 |
Pension Benefits Benefit Payments (Details) - Global plans - Pension $ in Millions |
Jan. 02, 2021
USD ($)
|
---|---|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Benefit payments in 2021 | $ 315 |
Benefit payments in 2022 | 322 |
Benefit payments in 2023 | 322 |
Benefit payments in 2024 | 326 |
Benefit payments in 2025 | 321 |
Benefit payments in 2026 through 2029 | $ 1,575 |
Nonpension Postretirement and Postemployment Benefits Change in Projected Benefit Obligations, Plan Assets, and Funded Status, Postretirement (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Amounts Recognized in Balance Sheet | |||
Other Assets | $ 324 | $ 241 | |
Other Liabilities | (34) | (33) | |
Nonpension postretirement | |||
Defined Benefit Plan Change In Accumulated Benefit Obligation [Roll Forward] | |||
Actuarial (gain) loss | 29 | ||
U.S. and Canada | Nonpension postretirement | |||
Defined Benefit Plan Change In Accumulated Benefit Obligation [Roll Forward] | |||
Beginning of Year | 1,116 | 1,069 | |
Service Cost | 13 | 15 | $ 18 |
Interest Cost | 31 | 37 | 36 |
Actuarial (gain) loss | 55 | 59 | |
Benefits paid | (58) | (60) | |
Curtailments and special termination benefits | 0 | (6) | |
Foreign Currency Adjustments | 0 | 2 | |
End of Year | 1,157 | 1,116 | 1,069 |
Change in plan assets | |||
Fair Value, Beginning of Year | 1,364 | 1,140 | |
Actual Return on Plan Assets | 178 | 282 | |
Employer Contributions | 24 | 18 | |
Benefits Paid, Plan Assets | (75) | (76) | |
Fair Value, End of Year | 1,491 | 1,364 | $ 1,140 |
Funded Status | 334 | 248 | |
Amounts Recognized in Balance Sheet | |||
Other Assets | 369 | 283 | |
Other Current Liabilities | (1) | (2) | |
Other Liabilities | (34) | (33) | |
Net Amount Recognized | 334 | 248 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) | |||
Prior Service Cost | (50) | (59) | |
Net Amount Recognized | $ (50) | $ (59) |
Nonpension Postretirement and Postemployment Benefits Accumulated Benefit Obligations (Details) - Nonpension postretirement - U.S. and Canada - USD ($) $ in Millions |
Jan. 02, 2021 |
Dec. 28, 2019 |
---|---|---|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accumulated benefit obligation | $ 35 | $ 34 |
Fair value of plan assets | $ 0 | $ 0 |
Nonpension Postretirement and Postemployment Benefits Components of Postretirement Expense (Details) - Nonpension postretirement - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Postretirement Benefit Expense | $ (75) | $ (175) | $ 43 |
U.S. and Canada defined benefit plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service Cost | 13 | 15 | 18 |
Interest Cost | 31 | 37 | 36 |
Expected Return on Plan Assets | (94) | (86) | (94) |
Amortization of Unrecognized Prior Service Cost (Credit) | (9) | (9) | (9) |
Recognized net (gain) loss | (29) | (137) | 81 |
Net periodic benefit cost | (88) | (180) | 32 |
Curtailment and special termination benefits | 0 | (6) | 0 |
Postretirement Benefit Expense | (88) | (186) | 32 |
U.S. and Canada defined contribution plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Postretirement Benefit Expense | $ 13 | $ 11 | $ 11 |
Nonpension Postretirement and Postemployment Benefits Assumptions (Details) - Nonpension postretirement |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate, benefit obligation | 2.50% | 3.30% | 4.30% |
U.S. and Canada | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate, annual net periodic cost | 3.30% | 4.00% | 3.60% |
Long-term rate of return on plan assets | 7.00% | 7.30% | 7.50% |
Nonpension Postretirement and Postemployment Benefits Health Care Cost Trend Rates (Details) - Nonpension postretirement - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Assumed healthcare cost trend rate for 2021 | 5.00% | |
Annual change in assumed healthcare cost trend rate | 0.25% | |
Assumed health care cost trend rate by 2023 | 4.50% | |
Actuarial (gain) loss | $ 29 | |
U.S. and Canada | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actuarial (gain) loss | $ 55 | $ 59 |
Nonpension Postretirement and Postemployment Benefits Plan Assets (Details) - U.S. and Canada - Nonpension postretirement - USD ($) $ in Millions |
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
||||||
---|---|---|---|---|---|---|---|---|---|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | $ 1,491 | $ 1,364 | $ 1,140 | ||||||
Net Asset Value Excluded From Fair Value By Input | 893 | [1] | 791 | [2] | |||||
Level 1 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 264 | 261 | |||||||
Level 2 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 334 | 312 | |||||||
Level 3 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |||||||
Cash and Cash Equivalents | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 6 | 9 | |||||||
Net Asset Value Excluded From Fair Value By Input | 0 | [1] | 0 | [2] | |||||
Cash and Cash Equivalents | Level 1 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 3 | 8 | |||||||
Cash and Cash Equivalents | Level 2 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 3 | 1 | |||||||
Cash and Cash Equivalents | Level 3 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |||||||
Corporate stock, common | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 261 | 253 | |||||||
Net Asset Value Excluded From Fair Value By Input | 0 | [1] | 0 | [2] | |||||
Corporate stock, common | Level 1 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 261 | 253 | |||||||
Corporate stock, common | Level 2 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |||||||
Corporate stock, common | Level 3 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |||||||
Mutual Funds Domestic Equity | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 30 | 35 | |||||||
Net Asset Value Excluded From Fair Value By Input | 0 | [1] | 0 | [2] | |||||
Mutual Funds Domestic Equity | Level 1 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |||||||
Mutual Funds Domestic Equity | Level 2 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 30 | 35 | |||||||
Mutual Funds Domestic Equity | Level 3 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |||||||
Mutual Funds Domestic Debt | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 54 | 53 | |||||||
Net Asset Value Excluded From Fair Value By Input | 0 | [1] | 0 | [2] | |||||
Mutual Funds Domestic Debt | Level 1 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |||||||
Mutual Funds Domestic Debt | Level 2 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 54 | 53 | |||||||
Mutual Funds Domestic Debt | Level 3 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |||||||
Collective Trusts Domestic Equity | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 669 | 579 | |||||||
Net Asset Value Excluded From Fair Value By Input | 669 | [1] | 579 | [2] | |||||
Collective Trusts Domestic Equity | Level 1 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |||||||
Collective Trusts Domestic Equity | Level 2 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |||||||
Collective Trusts Domestic Equity | Level 3 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |||||||
Limited Partnership | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 135 | 124 | |||||||
Net Asset Value Excluded From Fair Value By Input | 135 | [1] | 124 | [2] | |||||
Limited Partnership | Level 1 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |||||||
Limited Partnership | Level 2 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |||||||
Limited Partnership | Level 3 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |||||||
Bonds, corporate | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 143 | 136 | |||||||
Net Asset Value Excluded From Fair Value By Input | 0 | [1] | 0 | [2] | |||||
Bonds, corporate | Level 1 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |||||||
Bonds, corporate | Level 2 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 143 | 136 | |||||||
Bonds, corporate | Level 3 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |||||||
Bonds, government | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 96 | 77 | |||||||
Net Asset Value Excluded From Fair Value By Input | 0 | [1] | 0 | [2] | |||||
Bonds, government | Level 1 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |||||||
Bonds, government | Level 2 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 96 | 77 | |||||||
Bonds, government | Level 3 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |||||||
Bonds, other | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 8 | 9 | |||||||
Net Asset Value Excluded From Fair Value By Input | 0 | [1] | 0 | [2] | |||||
Bonds, other | Level 1 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |||||||
Bonds, other | Level 2 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 8 | 9 | |||||||
Bonds, other | Level 3 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |||||||
Real Estate | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 89 | 88 | |||||||
Net Asset Value Excluded From Fair Value By Input | 89 | [1] | 88 | [2] | |||||
Real Estate | Level 1 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |||||||
Real Estate | Level 2 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |||||||
Real Estate | Level 3 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | $ 0 | 0 | |||||||
Other [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 1 | ||||||||
Net Asset Value Excluded From Fair Value By Input | [2] | 0 | |||||||
Other [Member] | Level 1 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||||||||
Other [Member] | Level 2 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | 1 | ||||||||
Other [Member] | Level 3 [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Amount | $ 0 | ||||||||
|
Nonpension Postretirement and Postemployment Benefits VEBA Trusts (Details) - U.S. and Canada $ in Millions |
Jan. 02, 2021
USD ($)
|
---|---|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected contribution by Company | $ 19 |
Nonpension postretirement | Debt Securities | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Weighted-average target asset allocation | 23.00% |
Nonpension postretirement | Equity Securities | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Weighted-average target asset allocation | 70.00% |
Nonpension postretirement | Real Estate | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Weighted-average target asset allocation | 7.00% |
Nonpension Postretirement and Postemployment Benefits Change in Projected Benefit Obligations, Plan Assets, and Funded Status, Postemployment (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Defined Benefit Plan Change In Accumulated Benefit Obligation [Roll Forward] | ||
Other Assets | $ 324 | $ 241 |
Amounts Recognized in Balance Sheet | ||
Other Liabilities | (34) | (33) |
Postemployment | ||
Defined Benefit Plan Change In Accumulated Benefit Obligation [Roll Forward] | ||
Beginning of Year | 48 | 42 |
Service Cost | 3 | 3 |
Interest Cost | 1 | 2 |
Actuarial (gain) loss | 0 | 8 |
Benefits paid | (4) | (7) |
End of Year | 48 | 48 |
Funded Status | (48) | (48) |
Amounts Recognized in Balance Sheet | ||
Other Current Liabilities | (6) | (7) |
Other Liabilities | (42) | (41) |
Net Amount Recognized | (48) | (48) |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) | ||
Prior Service Cost | 2 | 3 |
Net experience loss | (18) | (22) |
Net Amount Recognized | $ (16) | $ (19) |
Nonpension Postretirement and Postemployment Benefits Components of Postretirement Expense, Postemployment (Details) - Postemployment - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service Cost | $ 3 | $ 3 | |
Interest Cost | 1 | 2 | |
Global plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service Cost | 2 | 3 | $ 3 |
Interest Cost | 1 | 2 | 1 |
Amortization of Unrecognized Prior Service Cost (Credit) | 1 | 1 | 1 |
Recognized net (gain) loss | (3) | (5) | (5) |
Net periodic benefit cost | 1 | 1 | 0 |
Settlement cost | (1) | (3) | 0 |
Postemployment Benefits, Period Expense | $ 0 | $ (2) | $ 0 |
Nonpension Postretirement and Postemployment Benefits Benefit Payments (Details) $ in Millions |
Jan. 02, 2021
USD ($)
|
---|---|
U.S. and Canada | Nonpension postretirement | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Benefit payments in 2021 | $ 64 |
Benefit payments in 2022 | 65 |
Benefit payments in 2023 | 65 |
Benefit payments in 2024 | 65 |
Benefit payments in 2025 | 65 |
Benefit payments in 2026 through 2029 | 321 |
Global plans | Postemployment | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Benefit payments in 2021 | 6 |
Benefit payments in 2022 | 6 |
Benefit payments in 2023 | 5 |
Benefit payments in 2024 | 5 |
Benefit payments in 2025 | 5 |
Benefit payments in 2026 through 2029 | $ 20 |
Multipemployer Pension and Postretirement Plans Narrative (Details) |
12 Months Ended |
---|---|
Jan. 02, 2021 | |
Minimum | |
Multiemployer Plans [Line Items] | |
Red Zone Multiemployer Plans Funded Percentage | 0.00% |
Yellow Zone Multiemployer Plans Funded Percentage | 65.00% |
Green Zone Multiemployer Plan Funded Percentage | 80.00% |
Maximum | |
Multiemployer Plans [Line Items] | |
Red Zone Multiemployer Plans Funded Percentage | 65.00% |
Yellow Zone Multiemployer Plans Funded Percentage | 80.00% |
Green Zone Multiemployer Plan Funded Percentage | 100.00% |
Multipemployer Pension and Postretirement Plans Multiemployer Pension Plans Trusts Funds (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|||||||||||
Multiemployer Plans [Line Items] | |||||||||||||
Contributions | $ 7.0 | $ 8.7 | $ 10.4 | ||||||||||
Bakery And Confectionary Union And Industry International Pension Fund [Member] | |||||||||||||
Multiemployer Plans [Line Items] | |||||||||||||
Funding improvement or rehabilitation plan implementation status, insignificant | [1] | Implemented | |||||||||||
Contributions, insignificant | [1] | $ 5.9 | $ 5.9 | 6.5 | |||||||||
Surcharge imposed, insignificant | [1] | Yes | |||||||||||
Multiemployer Plan, Pension, Insignificant, Employees Covered by Collective-Bargaining Arrangement to All Entity's Employees, Percentage | 80.00% | ||||||||||||
Plan number, insignificant | [1] | 001 | |||||||||||
Certified zone status, insignificant | [1] | Red | Red | ||||||||||
Certified zone status date, insignificant | [1] | Dec. 31, 2019 | Dec. 31, 2018 | ||||||||||
Multiemployer Plan, Pension, Insignificant, Collective-Bargaining Arrangement, Expiration Date | [1],[2] | Mar. 16, 2021 | |||||||||||
Employer Identification Number, insignificant | [1] | 526118572 | |||||||||||
Bakery And Confectionary Union And Industry International Pension Fund [Member] | Minimum | |||||||||||||
Multiemployer Plans [Line Items] | |||||||||||||
Multiemployer Plan, Pension, Insignificant, Collective-Bargaining Arrangement, Expiration Date | [1],[2] | Dec. 17, 2020 | |||||||||||
Bakery And Confectionary Union And Industry International Pension Fund [Member] | Maximum | |||||||||||||
Multiemployer Plans [Line Items] | |||||||||||||
Multiemployer Plan, Pension, Insignificant, Collective-Bargaining Arrangement, Expiration Date | [1],[2] | Mar. 16, 2021 | |||||||||||
Central States Southeast And Southwest Areas Pension Fund [Member] | |||||||||||||
Multiemployer Plans [Line Items] | |||||||||||||
Funding improvement or rehabilitation plan, implementation status, significant | Implemented | ||||||||||||
Surcharge imposed, significant | Yes | ||||||||||||
Contributions, significant | $ 0.0 | $ 1.3 | 1.9 | ||||||||||
Plan number, significant | 001 | ||||||||||||
Certified zone status, significant | Red | Red | |||||||||||
Certified zone status date, significant | Dec. 31, 2019 | Dec. 31, 2018 | |||||||||||
Multiemployer Plan, Pension, Significant, Collective-Bargaining Arrangement, Expiration Date | [3] | ||||||||||||
Employer Identification Number, significant | 366044243 | ||||||||||||
Western Conference Of Teamsters Pension Trust [Member] | |||||||||||||
Multiemployer Plans [Line Items] | |||||||||||||
Funding improvement or rehabilitation plan implementation status, insignificant | NA | ||||||||||||
Contributions, insignificant | $ 0.9 | $ 0.8 | 1.0 | ||||||||||
Surcharge imposed, insignificant | No | ||||||||||||
Plan number, insignificant | 001 | ||||||||||||
Certified zone status, insignificant | Green | Green | |||||||||||
Certified zone status date, insignificant | Dec. 31, 2019 | Dec. 31, 2018 | |||||||||||
Multiemployer Plan, Pension, Insignificant, Collective-Bargaining Arrangement, Expiration Date | [4] | Mar. 26, 2022 | |||||||||||
Employer Identification Number, insignificant | 916145047 | ||||||||||||
Other Plans [Member] | |||||||||||||
Multiemployer Plans [Line Items] | |||||||||||||
Contributions, insignificant | $ 0.2 | $ 0.7 | $ 1.0 | ||||||||||
Multiemployer Plan, Pension, Insignificant, Collective-Bargaining Arrangement, Expiration Date | [5] | ||||||||||||
|
Multipemployer Pension and Postretirement Plans Multiemployer Pension Plans Trusts Funds Contributions (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Jan. 02, 2021 |
Jun. 27, 2020 |
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Multiemployer Plans [Line Items] | |||||
Multiemployer plan withdrawal expense | $ 5 | ||||
Multiemployer withdrawal obligation annual cash obligation | $ 8 | ||||
Multiemployer Plans, Withdrawal Obligation | $ 130 | $ 130 | $ 156 | ||
Multiemployer plan withdrawal obligation term | 20 years | ||||
Multiemployer withdrawal liability payments | $ 5 | $ 7 | $ 21 | 8 | $ 3 |
Multiemployer Plan, Pension, Insignificant, Employer Contribution under Collective-Bargaining Arrangement to All Participating Employer Contributions, Percentage | 5.00% | ||||
Project K | |||||
Multiemployer Plans [Line Items] | |||||
Multiemployer plan withdrawal expense | $ (5) | $ 132 | $ 7 |
Multipemployer Pension and Postretirement Plans Multiemployer Pension Plans Curtailments, Settlements and Termination Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Contributions | $ 7.0 | $ 8.7 | $ 10.4 |
Nonpension postretirement | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Contributions | $ 13.0 | $ 11.0 | $ 11.0 |
Income Taxes (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Dec. 28, 2019 |
Dec. 29, 2018 |
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
Dec. 30, 2017 |
Sep. 26, 2020 |
Sep. 29, 2018 |
|
Operating Loss Carryforwards [Line Items] | ||||||||
Effective income tax rate | 20.20% | 24.60% | 13.60% | |||||
Out-of-period adjustment - increase tax expense decrease deferred tax asset | $ 39 | |||||||
Tax benefit from U.S. corporate tax rate reduction | $ (11) | $ (11) | ||||||
Discrete tax expense related to changes in our reinvestment assertion | 5 | |||||||
Transition tax liability on accumulated foreign earnings | 94 | 94 | $ 157 | $ (16) | ||||
Tax reserves for transition tax on foreign earnings | $ 47 | $ 47 | $ 47 | 47 | ||||
Pension contributions | 32 | 28 | 287 | |||||
Discrete tax benefit remeasurement of deferred taxes following a legal entity restructuring | 44 | |||||||
Undistributed earnings of foreign subsidiaries | 900 | 2,400 | ||||||
Amount of unrecognized deferred tax liability on undistributed earnings of foreign subsidiaries | 23 | |||||||
Accumulated foreign earnings considered permanently reinvested | $ 2,600 | |||||||
Tax benefits of carryforwards | 279 | 329 | 279 | |||||
Valuation allowance | 146 | 192 | 146 | |||||
Income taxes paid | 255 | $ 281 | 537 | 188 | ||||
U.S percentage of tax provision | 60.00% | |||||||
Projected additions to unrecognized tax benefits related to ongoing intercompany pricing activity | $ 4 | |||||||
Unrecognized tax benefits that would affect the Company's effective tax rate in future periods | 56 | |||||||
Deferred Tax Liabilities, Gross | 878 | 902 | 878 | |||||
Deferred tax liabilities | $ 364 | 308 | $ 364 | |||||
Tax reserves released as a result of finalization of an IRS tax examination | $ 32 | |||||||
Discretionary pension contribution | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Pension contributions | $ 250 | |||||||
Current liabilities | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Increase in Unrecognized Tax Benefits is Reasonably Possible | $ 19 |
Income Taxes Income before income taxes and the provision for U.S. federal, state and foreign taxes on earnings (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Income Tax Disclosure [Abstract] | |||
Income before income taxes, United States | $ 1,018 | $ 938 | $ 851 |
Income before income taxes, Foreign | 583 | 367 | 478 |
Income before income taxes | 1,601 | 1,305 | 1,329 |
Income taxes, currently payable, Federal | 129 | 345 | 7 |
Income taxes, currently payable, State | 26 | 52 | 28 |
Income taxes, currently payable, Foreign | 100 | 77 | 99 |
Income taxes, currently payable | 255 | 474 | 134 |
Income taxes, deferred, Federal | 56 | (124) | 109 |
Income taxes, deferred, State | 9 | (29) | (59) |
Income taxes, deferred, Foreign | 3 | 0 | (3) |
Income taxes, deferred | 68 | (153) | 47 |
Total income taxes | $ 323 | $ 321 | $ 181 |
Income Taxes Difference Between U.S. Federal Statutory Tax Rate and the Company's Effective Income Tax Rate (Details) |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Income Tax Disclosure [Abstract] | |||
U.S. statutory income tax rate | 21.00% | 21.00% | 21.00% |
Foreign rates varying from U.S. statutory rate | (2.40%) | (2.50%) | (3.00%) |
Excess tax benefits on share-based compensation | 0.00% | 0.00% | (0.30%) |
State income taxes, net of federal benefit | 1.80% | 1.30% | 1.50% |
Cost (benefit) of remitted and unremitted foreign earnings | 1.00% | 0.80% | 0.70% |
Legal entity restructuring, deferred tax impact | 0.00% | 0.00% | (3.30%) |
Discretionary pension contributions | 0.00% | 0.00% | (2.30%) |
Revaluation of investment in foreign subsidiary | 0.00% | 2.50% | 0.00% |
Net change in valuation allowance | 1.40% | (1.60%) | 2.00% |
Statutory rate changes, deferred tax impact | 0.20% | 0.30% | 0.00% |
U.S. deemed repatriation tax | (2.00%) | 0.00% | (1.20%) |
Divestiture | 0.00% | 2.90% | 0.00% |
Out-of-period adjustment | 0.00% | 3.00% | 0.00% |
Other | (0.80%) | (3.10%) | (1.50%) |
Effective Income Tax Rate Reconciliation, Percent | 20.20% | 24.60% | 13.60% |
Income Taxes Deferred tax assets and deferred tax liabilities (Details) - USD ($) $ in Millions |
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
Dec. 30, 2017 |
---|---|---|---|---|
Deferred Income Tax [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $ 7 | $ 0 | ||
Deferred Tax Liabilities Us State Income Taxes | 0 | 6 | ||
Deferred Tax Assets Advertising And Promotion Related | 13 | 11 | ||
Deferred Tax Assets Wages And Payroll Taxes | 26 | 15 | ||
Deferred Tax Assets, Inventory | 17 | 17 | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | 118 | 143 | ||
Tax benefits of carryforwards | 329 | 279 | ||
Deferred Tax Assets, Hedging Transactions | 49 | 0 | ||
Deferred Tax Liabilities, Hedging Transactions | 0 | 18 | ||
Deferred Tax Liabilities, Property, Plant and Equipment | 234 | 217 | ||
Deferred Tax Liabilities, Operating Lease Right-of-Use Assets | 141 | 111 | ||
Deferred Tax Asset, Operating Lease Liabilities | 136 | 111 | ||
Deferred Tax Liabilities, Intangible Assets | 527 | 526 | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | 18 | 19 | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 32 | 29 | ||
Deferred Tax Assets, Other | 41 | 36 | ||
Deferred Tax Assets, Gross | 786 | 660 | ||
Deferred Tax Liabilities, Gross | 902 | 878 | ||
Deferred Tax Liabilities, Net | (308) | (364) | ||
Deferred Tax Assets, Valuation Allowance | (192) | (146) | $ (166) | $ (153) |
Deferred Tax Assets, Net of Valuation Allowance | 594 | 514 | ||
Other Assets [Member] | ||||
Deferred Income Tax [Line Items] | ||||
Deferred Tax Assets, Net | 254 | 231 | ||
Other liabilities | ||||
Deferred Income Tax [Line Items] | ||||
Deferred Tax Liabilities, Net | $ (562) | $ (595) |
Income Taxes Change in Valuation Allowance Against Deferred Tax Assets (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|||||||
Income Tax Disclosure [Abstract] | |||||||||
Balance at beginning of year | $ 146 | $ 166 | $ 153 | ||||||
Additions charged to income tax expense | 62 | [1] | 25 | 29 | |||||
Reductions credited to income tax expense | (24) | (47) | [2] | (1) | |||||
Currency translation adjustments | 8 | 2 | (15) | ||||||
Balance at end of year | 192 | 146 | $ 166 | ||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (41) | $ 32 | |||||||
|
Income Taxes Unrecognized Tax Benefit Reconciliation (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
Sep. 26, 2020 |
|||||||
Income Tax Disclosure [Abstract] | ||||||||||
Balance at beginning of year | $ 90 | $ 97 | $ 60 | |||||||
Additions, current year | 5 | 5 | 51 | [1] | ||||||
Additions, prior year | 8 | 4 | 4 | |||||||
Reductions, prior year | (35) | [2] | (14) | (13) | ||||||
Settlements, decreases | (2) | (1) | (4) | |||||||
Lapse in statute of limitations | (1) | (1) | (1) | |||||||
Balance at end of year | 65 | 90 | 97 | |||||||
Tax reserves for transition tax on foreign earnings | 47 | 47 | ||||||||
Reduction to tax interest accrual | 11 | |||||||||
Income tax examination interest payments | 1 | 2 | ||||||||
Tax reserves released as a result of finalization of an IRS tax examination | $ 32 | |||||||||
Income Tax Examination, Interest Expense | 3 | 3 | ||||||||
Accrued tax-related interest and penalties | $ 13 | $ 11 | $ 22 | |||||||
|
Derivative Instruments and Fair Value Measurements Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Derivative [Line Items] | ||
Long-term debt, carrying value | $ 7,373 | $ 7,815 |
Derivative, Collateral, Obligation to Return Cash | 0 | 7 |
Concentration of credit risk, maximum exposure | $ 12 | |
Five largest customers percentage of consolidated trade receivables | 29.00% | |
Net Investment Hedging [Member] | ||
Derivative [Line Items] | ||
Long-term debt, carrying value | $ 2,800 | $ 2,600 |
Derivative Instruments and Fair Value Measurements Total Notional Amounts of the Company's Derivative Instruments (Details) - USD ($) $ in Millions |
Jan. 02, 2021 |
Dec. 28, 2019 |
---|---|---|
Derivative [Line Items] | ||
Notional amount of derivatives | $ 7,213 | $ 6,563 |
Foreign currency exchange contracts | ||
Derivative [Line Items] | ||
Notional amount of derivatives | 2,856 | 2,628 |
Cross-currency contracts | ||
Derivative [Line Items] | ||
Notional amount of derivatives | 1,411 | 1,540 |
Interest rate contracts | ||
Derivative [Line Items] | ||
Notional amount of derivatives | 2,632 | 1,871 |
Commodity contracts | ||
Derivative [Line Items] | ||
Notional amount of derivatives | $ 314 | $ 524 |
Derivative Instruments and Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions |
Jan. 02, 2021 |
Dec. 28, 2019 |
||
---|---|---|---|---|
Derivative [Line Items] | ||||
Fair Value Of Related Hedge Portion Of Long Term Debt | $ 800 | $ 700 | ||
Designated as hedging instrument | ||||
Derivative [Line Items] | ||||
Assets | 90 | 96 | ||
Liabilities | (37) | (4) | ||
Designated as hedging instrument | Level 1 [Member] | ||||
Derivative [Line Items] | ||||
Assets | 0 | 0 | ||
Liabilities | 0 | 0 | ||
Designated as hedging instrument | Level 2 [Member] | ||||
Derivative [Line Items] | ||||
Assets | 90 | 96 | ||
Liabilities | (37) | (4) | ||
Designated as hedging instrument | Cross-currency contracts | Other Current Assets [Member] | ||||
Derivative [Line Items] | ||||
Assets | 14 | 45 | ||
Designated as hedging instrument | Cross-currency contracts | Other Assets [Member] | ||||
Derivative [Line Items] | ||||
Assets | 16 | 40 | ||
Designated as hedging instrument | Cross-currency contracts | Other current liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | (13) | 0 | ||
Designated as hedging instrument | Cross-currency contracts | Other liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | (21) | 0 | ||
Designated as hedging instrument | Cross-currency contracts | Level 1 [Member] | Other Current Assets [Member] | ||||
Derivative [Line Items] | ||||
Assets | 0 | 0 | ||
Designated as hedging instrument | Cross-currency contracts | Level 1 [Member] | Other Assets [Member] | ||||
Derivative [Line Items] | ||||
Assets | 0 | 0 | ||
Designated as hedging instrument | Cross-currency contracts | Level 1 [Member] | Other current liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | 0 | 0 | ||
Designated as hedging instrument | Cross-currency contracts | Level 1 [Member] | Other liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | 0 | 0 | ||
Designated as hedging instrument | Cross-currency contracts | Level 2 [Member] | Other Current Assets [Member] | ||||
Derivative [Line Items] | ||||
Assets | 14 | 45 | ||
Designated as hedging instrument | Cross-currency contracts | Level 2 [Member] | Other Assets [Member] | ||||
Derivative [Line Items] | ||||
Assets | 16 | 40 | ||
Designated as hedging instrument | Cross-currency contracts | Level 2 [Member] | Other current liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | (13) | 0 | ||
Designated as hedging instrument | Cross-currency contracts | Level 2 [Member] | Other liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | (21) | 0 | ||
Designated as hedging instrument | Interest rate contracts | Other Current Assets [Member] | ||||
Derivative [Line Items] | ||||
Assets | [1] | 0 | 7 | |
Designated as hedging instrument | Interest rate contracts | Other Assets [Member] | ||||
Derivative [Line Items] | ||||
Assets | [1] | 60 | 4 | |
Designated as hedging instrument | Interest rate contracts | Other current liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | [1] | (3) | (4) | |
Designated as hedging instrument | Interest rate contracts | Other liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | [1] | 0 | 0 | |
Designated as hedging instrument | Interest rate contracts | Level 1 [Member] | Other Current Assets [Member] | ||||
Derivative [Line Items] | ||||
Assets | [1] | 0 | 0 | |
Designated as hedging instrument | Interest rate contracts | Level 1 [Member] | Other Assets [Member] | ||||
Derivative [Line Items] | ||||
Assets | [1] | 0 | 0 | |
Designated as hedging instrument | Interest rate contracts | Level 1 [Member] | Other current liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | [1] | 0 | 0 | |
Designated as hedging instrument | Interest rate contracts | Level 1 [Member] | Other liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | [1] | 0 | 0 | |
Designated as hedging instrument | Interest rate contracts | Level 2 [Member] | Other Current Assets [Member] | ||||
Derivative [Line Items] | ||||
Assets | [1] | 0 | 7 | |
Designated as hedging instrument | Interest rate contracts | Level 2 [Member] | Other Assets [Member] | ||||
Derivative [Line Items] | ||||
Assets | [1] | 60 | 4 | |
Designated as hedging instrument | Interest rate contracts | Level 2 [Member] | Other current liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | [1] | (3) | (4) | |
Designated as hedging instrument | Interest rate contracts | Level 2 [Member] | Other liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | [1] | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Assets | 74 | 21 | ||
Liabilities | (106) | (32) | ||
Not Designated as Hedging Instrument [Member] | Level 1 [Member] | ||||
Derivative [Line Items] | ||||
Assets | 9 | 9 | ||
Liabilities | (1) | (1) | ||
Not Designated as Hedging Instrument [Member] | Level 2 [Member] | ||||
Derivative [Line Items] | ||||
Assets | 65 | 12 | ||
Liabilities | (105) | (31) | ||
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts | Other Current Assets [Member] | ||||
Derivative [Line Items] | ||||
Assets | 48 | 12 | ||
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts | Other current liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | (73) | (18) | ||
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts | Other liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | (4) | 0 | ||
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts | Level 1 [Member] | Other Current Assets [Member] | ||||
Derivative [Line Items] | ||||
Assets | 0 | 0 | ||
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts | Level 1 [Member] | Other current liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | 0 | 0 | ||
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts | Level 1 [Member] | Other liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | 0 | 0 | ||
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts | Level 2 [Member] | Other Current Assets [Member] | ||||
Derivative [Line Items] | ||||
Assets | 48 | 12 | ||
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts | Level 2 [Member] | Other current liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | (73) | (18) | ||
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts | Level 2 [Member] | Other liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | (4) | 0 | ||
Not Designated as Hedging Instrument [Member] | Interest rate contracts | Other Current Assets [Member] | ||||
Derivative [Line Items] | ||||
Assets | 4 | 0 | ||
Not Designated as Hedging Instrument [Member] | Interest rate contracts | Other Assets [Member] | ||||
Derivative [Line Items] | ||||
Assets | 13 | 0 | ||
Not Designated as Hedging Instrument [Member] | Interest rate contracts | Other current liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | (6) | 0 | ||
Not Designated as Hedging Instrument [Member] | Interest rate contracts | Other liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | (22) | (13) | ||
Not Designated as Hedging Instrument [Member] | Interest rate contracts | Level 1 [Member] | Other Current Assets [Member] | ||||
Derivative [Line Items] | ||||
Assets | 0 | 0 | ||
Not Designated as Hedging Instrument [Member] | Interest rate contracts | Level 1 [Member] | Other Assets [Member] | ||||
Derivative [Line Items] | ||||
Assets | 0 | 0 | ||
Not Designated as Hedging Instrument [Member] | Interest rate contracts | Level 1 [Member] | Other current liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | 0 | 0 | ||
Not Designated as Hedging Instrument [Member] | Interest rate contracts | Level 1 [Member] | Other liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | 0 | 0 | ||
Not Designated as Hedging Instrument [Member] | Interest rate contracts | Level 2 [Member] | Other Current Assets [Member] | ||||
Derivative [Line Items] | ||||
Assets | 4 | 0 | ||
Not Designated as Hedging Instrument [Member] | Interest rate contracts | Level 2 [Member] | Other Assets [Member] | ||||
Derivative [Line Items] | ||||
Assets | 13 | 0 | ||
Not Designated as Hedging Instrument [Member] | Interest rate contracts | Level 2 [Member] | Other current liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | (6) | 0 | ||
Not Designated as Hedging Instrument [Member] | Interest rate contracts | Level 2 [Member] | Other liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | (22) | (13) | ||
Not Designated as Hedging Instrument [Member] | Commodity contracts | Other Current Assets [Member] | ||||
Derivative [Line Items] | ||||
Assets | 9 | 9 | ||
Not Designated as Hedging Instrument [Member] | Commodity contracts | Other current liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | (1) | (1) | ||
Not Designated as Hedging Instrument [Member] | Commodity contracts | Level 1 [Member] | Other Current Assets [Member] | ||||
Derivative [Line Items] | ||||
Assets | 9 | 9 | ||
Not Designated as Hedging Instrument [Member] | Commodity contracts | Level 1 [Member] | Other current liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | (1) | (1) | ||
Not Designated as Hedging Instrument [Member] | Commodity contracts | Level 2 [Member] | Other Current Assets [Member] | ||||
Derivative [Line Items] | ||||
Assets | 0 | 0 | ||
Not Designated as Hedging Instrument [Member] | Commodity contracts | Level 2 [Member] | Other current liabilities | ||||
Derivative [Line Items] | ||||
Liabilities | $ 0 | $ 0 | ||
|
Derivative Instruments and Fair Value Measurements Schedule of Cumulative Basis Adjustments for Fair Value Hedges (Details) - USD ($) $ in Millions |
Jan. 02, 2021 |
Dec. 28, 2019 |
||
---|---|---|---|---|
Derivatives, Fair Value [Line Items] | ||||
Long-term Debt and Lease Obligation, Current | $ 627 | $ 620 | ||
Long-term debt | 6,746 | 7,195 | ||
Carrying amount of hedged liability | Fair value hedges | Interest rate contracts | Designated as hedging instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Long-term Debt and Lease Obligation, Current | 0 | 493 | ||
Long-term debt | 2,568 | 2,643 | ||
Cumulative fair value adjustment | Fair value hedges | Interest rate contracts | Designated as hedging instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Long-term Debt and Lease Obligation, Current | [1] | 0 | 0 | |
Long-term debt | [1] | 25 | 19 | |
Cumulative fair value adjustment | Discontinued hedging | Interest rate contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Long-term debt | $ 16 | $ 15 | ||
|
Derivative Instruments and Fair Value Measurements Schedule of Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions |
Jan. 02, 2021 |
Dec. 28, 2019 |
---|---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Net amount of assets presented in the balance sheet | $ 164 | $ 117 |
Financial instruments, gross amount not offset in balance sheet | (116) | (27) |
Cash collateral posted, gross amount not offset in balance sheet | 0 | (7) |
Net amount, assets derivatives | 48 | 83 |
Net amounts of liabilities presented in balance sheet | (143) | (36) |
Financial instruments, gross amount not offset in balance sheet | 116 | 27 |
Cash collateral received, gross amount not offset in balance sheet | 5 | 0 |
Net amount, liabilities derivatives | $ (22) | $ (9) |
Derivative Instruments and Fair Value Measurements The Effect of Derivative Instruments on the Consolidated Statement of Income (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 17 | ||
Gain (Loss) Recognized in AOCI | (9) | $ 5 | $ 3 |
Net Investment Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in AOCI | (329) | 66 | |
Gain (loss) excluded from assessment of hedge effectiveness | 34 | 34 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Income | 12 | (18) | |
Foreign currency exchange contracts | COGS [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Income | 11 | (16) | |
Foreign currency exchange contracts | SGA | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Income | (1) | (2) | |
Foreign currency exchange contracts | Other Income (Expense), Net | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Income | (6) | (4) | |
Foreign Currency Denominated Long Term Debt | Net Investment Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in AOCI | (236) | 60 | |
Gain (loss) excluded from assessment of hedge effectiveness | 0 | 0 | |
Cross-currency contracts | Net Investment Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in AOCI | (93) | 6 | |
Gain (loss) excluded from assessment of hedge effectiveness | 34 | 34 | |
Interest rate contracts | Interest expense | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Income | 2 | 0 | |
Commodity contracts | COGS [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Income | $ 6 | $ 4 |
Derivative Instruments and Fair Value Measurements Schedule of Effect of Fair Value and Cash Flow Hedge Accounting on Consolidated Statement of Income (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 28, 2019 |
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Interest expense | $ 20 | $ 16 | $ 281 | $ 284 | |
Cost of goods sold | 9,043 | 9,197 | $ 8,821 | ||
Other income (expense), net | 121 | 188 | $ (90) | ||
Interest rate contracts | Interest expense | Designated as hedging instrument | Fair value hedges | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (7) | (33) | |||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 7 | 37 | |||
Interest rate contracts | Interest expense | Designated as hedging instrument | Cash Flow hedges | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from AOCI into Income | $ (14) | $ (4) |
Derivative Instruments and Fair Value Measurements Assets Measured at Fair Value (Details) - North America - Property, Plant and Equipment - Manufacturing Facility [Member] - Fair Value, Nonrecurring [Member] - Level 3 [Member] - Project K $ in Millions |
Dec. 29, 2018
USD ($)
|
---|---|
Long-lived assets value | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value Disclosure | $ 19 |
Estimate fair value | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value Disclosure | $ 5 |
Derivative Instruments and Fair Value Measurements Fair Value of Long-term Debt (Details) - USD ($) $ in Millions |
Jan. 02, 2021 |
Dec. 28, 2019 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Long-term debt, fair value | $ 7,700 | |
Long-term debt, carrying value | $ 6,746 | $ 7,195 |
Derivative Instruments and Fair Value Measurements Marketable Securities (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Marketable Securities [Line Items] | |||
Purchases of marketable securities | $ 250 | $ 0 | $ 0 |
Sales of marketable securities | 250 | $ 0 | $ 0 |
Bonds, other | |||
Marketable Securities [Line Items] | |||
Purchases of marketable securities | 250 | ||
Sales of marketable securities | 250 | ||
Bonds, corporate | Other Income (Expense), Net | |||
Marketable Securities [Line Items] | |||
Marketable Securities, Realized Gain (Loss) | $ 1 |
Derivative Instruments and Fair Value Measurements Schedule of Carrying and Market Values of Available-for-Sale Securities (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, cost | $ 62 | $ 0 |
Available-for-sale securities, unrealized gain (loss) | 3 | 0 |
Available-for-sale securities, market value | 65 | $ 0 |
Level 2 [Member] | Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, market value | 63 | |
Other Income (Expense), Net | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gain on sale of available-for-sale securities | $ 4 |
Quarterly Financial Data Narrative (Details) |
Jan. 02, 2021 |
---|---|
Quarterly Financial Information Disclosure [Abstract] | |
Number Of Shareholders | 30,305 |
Quarterly Financial Data Net sales and gross profit (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 02, 2021 |
Sep. 26, 2020 |
Jun. 27, 2020 |
Mar. 28, 2020 |
Dec. 28, 2019 |
Sep. 28, 2019 |
Jun. 29, 2019 |
Mar. 30, 2019 |
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 3,464 | $ 3,429 | $ 3,465 | $ 3,412 | $ 3,223 | $ 3,372 | $ 3,461 | $ 3,522 | $ 13,770 | $ 13,578 | $ 13,547 |
Gross Profit | $ 1,185 | $ 1,201 | $ 1,197 | $ 1,144 | $ 1,088 | $ 1,000 | $ 1,186 | $ 1,107 | $ 4,727 | $ 4,381 |
Quarterly Financial Data Net income and earnings per share (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 02, 2021 |
Sep. 26, 2020 |
Jun. 27, 2020 |
Mar. 28, 2020 |
Dec. 28, 2019 |
Sep. 28, 2019 |
Jun. 29, 2019 |
Mar. 30, 2019 |
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net income (loss) attributable to Kellogg Company, Basic | $ 205 | $ 348 | $ 351 | $ 347 | $ 145 | $ 247 | $ 286 | $ 282 | $ 1,251 | $ 960 | $ 1,336 |
Basic | $ 0.60 | $ 1.02 | $ 1.02 | $ 1.01 | $ 0.43 | $ 0.73 | $ 0.84 | $ 0.82 | $ 3.65 | $ 2.81 | $ 3.85 |
Diluted | $ 0.59 | $ 1.01 | $ 1.02 | $ 1.01 | $ 0.42 | $ 0.72 | $ 0.84 | $ 0.82 | $ 3.63 | $ 2.80 | $ 3.83 |
Quarterly Financial Data Dividends and stock prices (Details) - $ / shares |
3 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jan. 02, 2021 |
Sep. 26, 2020 |
Jun. 27, 2020 |
Mar. 28, 2020 |
Dec. 28, 2019 |
Sep. 28, 2019 |
Jun. 29, 2019 |
Mar. 30, 2019 |
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Quarterly Financial Information Disclosure [Abstract] | ||||||||||
Dividends per share | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.56 | $ 0.56 | $ 2.28 | $ 2.26 |
Quarterly Financial Data Asset impairment and MTM gains and losses (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 02, 2021 |
Sep. 26, 2020 |
Jun. 27, 2020 |
Mar. 28, 2020 |
Dec. 28, 2019 |
Sep. 28, 2019 |
Jun. 29, 2019 |
Mar. 30, 2019 |
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Operating profit | $ 1,761 | $ 1,401 | $ 1,706 | ||||||||
Other income (expense) | 121 | 188 | $ (90) | ||||||||
Restructuring and cost reduction charges | |||||||||||
Operating profit | $ (22) | $ 0 | $ (14) | $ (1) | $ (27) | $ (18) | $ (65) | $ (8) | (37) | (118) | |
Other income (expense) | 8 | 0 | 0 | 0 | 5 | 0 | 0 | 0 | 8 | 5 | |
Gains (Losses) on mark-to-market adjustments | |||||||||||
Operating profit | (1) | 10 | (43) | 26 | 0 | (11) | 46 | (42) | (8) | (7) | |
Other income (expense) | $ (90) | $ (7) | $ (43) | $ (14) | $ (120) | $ 32 | $ (11) | $ 1 | $ (154) | $ (98) |
Reportable Segments Narrative (Details) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 28, 2019
USD ($)
|
Jan. 02, 2021
USD ($)
|
Sep. 26, 2020
USD ($)
|
Jun. 27, 2020
USD ($)
|
Mar. 28, 2020
USD ($)
|
Dec. 28, 2019
USD ($)
|
Sep. 28, 2019
USD ($)
|
Jun. 29, 2019
USD ($)
|
Mar. 30, 2019
USD ($)
|
Jan. 02, 2021
USD ($)
|
Dec. 28, 2019
USD ($)
|
Dec. 29, 2018
USD ($)
|
|||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Number of Operating Segments | 4 | |||||||||||||||||
Net sales | $ 3,464 | $ 3,429 | $ 3,465 | $ 3,412 | $ 3,223 | $ 3,372 | $ 3,461 | $ 3,522 | $ 13,770 | $ 13,578 | $ 13,547 | |||||||
Operating profit | 1,761 | 1,401 | 1,706 | |||||||||||||||
Proceeds from divestiture of businesses | (7) | 1,332 | 0 | |||||||||||||||
United States | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Net sales | $ 7,821 | $ 7,885 | $ 8,176 | |||||||||||||||
Walmart Stores Inc [Member] | Customer Concentration Risk [Member] | Sales [Member] | United States | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Concentration Risk, Percentage | 19.00% | 19.00% | 19.00% | |||||||||||||||
North America | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Net sales | $ 8,361 | $ 8,390 | $ 8,688 | |||||||||||||||
Operating profit | $ 1,473 | 1,215 | [1] | 1,397 | [2] | |||||||||||||
Cookies, fruit and fruit flavored snacks, pie crusts and ice cream cones businesses | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Proceeds from divestiture of businesses | $ 1,300 | |||||||||||||||||
Net assets | 1,300 | |||||||||||||||||
Cookies, fruit and fruit flavored snacks, pie crusts and ice cream cones businesses | North America | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Net sales | $ 562 | $ 893 | ||||||||||||||||
Proceeds from divestiture of businesses | 1,300 | |||||||||||||||||
Net assets | $ 1,300 | |||||||||||||||||
|
Reportable Segments Information (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 02, 2021 |
Sep. 26, 2020 |
Jun. 27, 2020 |
Mar. 28, 2020 |
Dec. 28, 2019 |
Sep. 28, 2019 |
Jun. 29, 2019 |
Mar. 30, 2019 |
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Net sales | $ 3,464 | $ 3,429 | $ 3,465 | $ 3,412 | $ 3,223 | $ 3,372 | $ 3,461 | $ 3,522 | $ 13,770 | $ 13,578 | $ 13,547 | ||||||||
Operating profit | 1,761 | 1,401 | 1,706 | ||||||||||||||||
Depreciation and amortization | 479 | 484 | 516 | ||||||||||||||||
Interest expense | 281 | 284 | 287 | ||||||||||||||||
Income taxes | 323 | 321 | 181 | ||||||||||||||||
Property, Plant and Equipment, Additions | 505 | 586 | 578 | ||||||||||||||||
Pre-tax charge, multi-employer pension plan withdrawal | (5) | 132 | 7 | ||||||||||||||||
Research and development expense | 135 | 144 | 154 | ||||||||||||||||
North America | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Net sales | 8,361 | 8,390 | 8,688 | ||||||||||||||||
Operating profit | 1,473 | 1,215 | [1] | 1,397 | [2] | ||||||||||||||
Depreciation and amortization | 282 | 291 | 341 | [3] | |||||||||||||||
Interest expense | 0 | 0 | 1 | ||||||||||||||||
Property, Plant and Equipment, Additions | 270 | 356 | 336 | ||||||||||||||||
Pre-tax charge, multi-employer pension plan withdrawal | 132 | ||||||||||||||||||
Research and development expense | 48 | ||||||||||||||||||
Europe | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Net sales | 2,232 | 2,092 | 2,122 | ||||||||||||||||
Operating profit | 301 | 222 | 251 | ||||||||||||||||
Depreciation and amortization | 84 | 80 | 78 | ||||||||||||||||
Interest expense | 4 | 6 | 6 | ||||||||||||||||
Income taxes | 29 | 48 | 23 | ||||||||||||||||
Property, Plant and Equipment, Additions | 120 | 83 | 84 | ||||||||||||||||
Latin America | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Net sales | 914 | 940 | 947 | ||||||||||||||||
Operating profit | 97 | 85 | 102 | ||||||||||||||||
Depreciation and amortization | 30 | 30 | 37 | ||||||||||||||||
Interest expense | 6 | 9 | 3 | ||||||||||||||||
Income taxes | 20 | 16 | 30 | ||||||||||||||||
Property, Plant and Equipment, Additions | 31 | 41 | 76 | ||||||||||||||||
AMEA | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Net sales | 2,263 | 2,156 | 1,790 | ||||||||||||||||
Operating profit | 202 | 195 | 174 | ||||||||||||||||
Depreciation and amortization | 79 | 76 | 57 | ||||||||||||||||
Interest expense | 8 | 14 | 9 | ||||||||||||||||
Income taxes | 33 | 23 | 23 | ||||||||||||||||
Property, Plant and Equipment, Additions | 77 | 101 | 79 | ||||||||||||||||
Total Reportable Segments | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Operating profit | 2,073 | 1,717 | 1,924 | ||||||||||||||||
Depreciation and amortization | 475 | 477 | 513 | ||||||||||||||||
Corporate | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Operating profit | [2] | (312) | (316) | (218) | |||||||||||||||
Depreciation and amortization | 4 | 7 | 3 | ||||||||||||||||
Interest expense | 263 | 255 | 268 | ||||||||||||||||
Property, Plant and Equipment, Additions | 7 | 5 | 3 | ||||||||||||||||
Corporate And North America | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Income taxes | $ 241 | $ 234 | $ 105 | ||||||||||||||||
|
Reportable Segments Net sales to external customers and long-lived assets (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 02, 2021 |
Sep. 26, 2020 |
Jun. 27, 2020 |
Mar. 28, 2020 |
Dec. 28, 2019 |
Sep. 28, 2019 |
Jun. 29, 2019 |
Mar. 30, 2019 |
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 3,464 | $ 3,429 | $ 3,465 | $ 3,412 | $ 3,223 | $ 3,372 | $ 3,461 | $ 3,522 | $ 13,770 | $ 13,578 | $ 13,547 |
Property, net | 3,713 | 3,612 | 3,713 | 3,612 | 3,731 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 7,821 | 7,885 | 8,176 | ||||||||
Property, net | 2,048 | 1,996 | 2,048 | 1,996 | 2,197 | ||||||
All Other Countries [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 5,949 | 5,693 | 5,371 | ||||||||
Property, net | $ 1,665 | $ 1,616 | $ 1,665 | $ 1,616 | $ 1,534 |
Reportable Segments Supplemental product information (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 02, 2021 |
Sep. 26, 2020 |
Jun. 27, 2020 |
Mar. 28, 2020 |
Dec. 28, 2019 |
Sep. 28, 2019 |
Jun. 29, 2019 |
Mar. 30, 2019 |
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 3,464 | $ 3,429 | $ 3,465 | $ 3,412 | $ 3,223 | $ 3,372 | $ 3,461 | $ 3,522 | $ 13,770 | $ 13,578 | $ 13,547 |
Snacks | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 6,281 | 6,663 | 6,797 | ||||||||
Retail Channel Cereal | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 5,433 | 5,029 | 5,203 | ||||||||
Frozen | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,139 | 1,037 | 1,020 | ||||||||
Noodles and other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 917 | $ 849 | $ 527 |
Supplemental Financial Statement Data Consolidated Statement of Income (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Disclosure Text Block Supplement [Abstract] | |||
Research and development expense | $ 135 | $ 144 | $ 154 |
Advertising Expense | $ 781 | $ 676 | $ 752 |
Supplemental Financial Statement Data Consolidated Balance Sheet (Details) - USD ($) $ in Millions |
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
Dec. 30, 2017 |
---|---|---|---|---|
Disclosure Text Block Supplement [Abstract] | ||||
Trade receivables | $ 1,272 | $ 1,315 | ||
Allowance for doubtful accounts | (19) | (10) | $ (10) | $ (10) |
Refundable income taxes | 66 | 56 | ||
Other Receivables | 218 | 215 | ||
Accounts receivable, net | 1,537 | 1,576 | ||
Raw materials and supplies | 338 | 303 | ||
Finished goods and materials in process | 946 | 923 | ||
Inventories, net | 1,284 | 1,226 | ||
Land | 120 | 116 | ||
Buildings | 2,135 | 2,021 | ||
Machinery and equipment | 6,080 | 5,852 | ||
Capitalized software | 543 | 496 | ||
Construction in progress | 641 | 566 | ||
Accumulated depreciation | (5,806) | (5,439) | ||
Property, net | 3,713 | 3,612 | 3,731 | |
Other intangibles | 2,612 | 2,677 | ||
Accumulated amortization | (121) | (101) | $ (87) | |
Other intangibles, net | 2,491 | 2,576 | ||
Pension | 324 | 241 | ||
Deferred income taxes | 254 | 231 | ||
Nonpension post retirement benefit plans | 369 | 283 | ||
Other | 515 | 384 | ||
Other assets | 1,462 | 1,139 | ||
Accrued income taxes | 58 | 42 | ||
Accrued salaries and wages | 378 | 290 | ||
Other | 709 | 577 | ||
Other Liabilities, Current | 1,145 | 909 | ||
Income taxes payable | 56 | 81 | ||
Nonpension postretirement benefits | 34 | 33 | ||
Other | 435 | 429 | ||
Other liabilities | $ 525 | $ 543 |
Supplemental Financial Statement Data Allowance for doubtful accounts (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Disclosure Text Block Supplement [Abstract] | |||
Balance at beginning of year | $ 10 | $ 10 | $ 10 |
Additions charged to expense | 13 | 9 | 4 |
Doubtful accounts charged to reserve | (4) | (9) | (4) |
Balance at end of year | $ 19 | $ 10 | $ 10 |
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